November car sales set torrid pace
November was the best month for auto sales since February of 2007, 10 months before the economy began swirling down the porcelain.
And it looks like if this recovery is every going to gain speed, the auto sector will lead us out of it. They just had the best November since 2003.
And almost everybody benefitted.
For the Big 3 domestic brands, the news was universally positive.
Chrysler led the pack in terms of improvement with sales 16% higher than November of 2012 and the new Cherokee off to a hot start.
That was coupled with the announcement that the Ram was named Motor Trend’s Truck of the Year.
GM was up 14%, and its stock price is the highest since the initial public offering.
That is good news since the last of the government’s shares will be sold this month.
For Ford, sales were up 7% over last year, and perhaps more importantly, the F-series trucks held their healthy lead over the new big trucks from GM.
For the imports, there were very few losers.
Toyota sales were up 10%, Nissan 11%, and Subaru zoomed up 30% over last year.
The only brands to see negative numbers were Honda, Mini, Mazda, Volvo and Fiat.
By the way, the average price for a vehicle transaction in November was $30,634.
That’s actually down a bit from last year.
If December also goes well, 2013 could see the best annual auto sales in 7 years.