We might still be in a recession, but March is turning out to be one of the best months for auto sales in at least six years! Showing increases, major automakers like Ford, Chrysler, Toyota, Nissan, and GM reported the highest monthly sales totals since the start of the economic slide in 2007. Adding up to about 5% more than March of last year, and most likely more than the 1.6 million sold in May 2007, the auto industry sold approximately 1.5 million vehicles just this March.
So, what sparked this boom in purchases? Was it the flashy new vehicles and low interest rates luring buyers into Utah dealer showrooms? Maybe it was the idea of replacing an older Ford truck or car? Statistics state that the average age of a U.S. vehicle out on the road is over 11 years.
As stated on sltrib.com, "I haven't seen our numbers yet, but I'm sure our dealers are seeing similar results," Craig Bickmore, executive director of the New Car Dealers of Utah stated. "The industry really has been performing well, both here in Utah and nationally." The auto industry is locked as leader in the economic recovery, broadcasting a strong first-quarter close and an ever-increasing consumer confidence. One thing is for certain: the demand for new cars is spreading equally across Utah, making it hard to keep top Ford, Jeep, Dodge, and Subaru vehicles on hand.
It's a known fact that our nation thrives on auto sales, which means this burst could greatly benefit our economy. Ford and General Motors sales each rose about 6 percent nationally. Compared with last March, Chrysler sales rose 5 percent. Other manufacturers like Toyota and Nissan reported 1 percent sales increases each, with Nissan claiming March was still the best month in company history. Nearly 172,000 cars and trucks by Chrysler were sold—the best month since December 2007—and Ford is reporting the best month since May 2007 with 236,000 sold.
These strong numbers are just another sign that Americans are buying cars in inflating numbers, as their financial situations improve. It is no different at here in Utah. Ford dealers are seeing a boost in sales, thanks to the redesigned Fusion sedan and Escape SUV. Both cars reached record monthly sales. Of course, the F-series pickup is still the nation's best-selling vehicle, and even rose a whole 16%. The good people of Utah are more than happy to be investing in a new vehicle, especially one that is family friendly and energy efficient. It looks like the recession is finally receding!
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