Edmunds.com Chief Economist Dr. Lacey Plache offers the following economic assessment as July auto sales appear to be heading toward a SAAR of 14.0 million (unofficially):
“I do not believe that this is a sign that the economy is slowing. If anything, the fact that auto sales remain strong (on track for sales of 14.4 million for 2012, or nearly 13% growth over 2011) gives hope that there is a floor to recent weakness in other economic indicators, and that autos could be a strong contributor to continued economic growth.
“The bottom line is that pent-up demand for autos is still strong and can be expected to continue to contribute sales, given the aging fleet and the current expansion of credit. While consumer uncertainty about economic conditions remains a risk for slowing auto sales, July’s confidence index increased somewhat, which again indicates a floor to what had been a trend of sagging confidence.”
ON GENERAL MOTORS:
From Edmunds.com Sr. Analyst Jessica Caldwell
“Savvy consumers don’t see tremendous value in Chevy’s Total Confidence program. The Total Confidence pricing was similar in many cases to our True Market Value pricing, and for some vehicles, it was even higher. So, depending on the situation, a consumer could have gotten a better deal before the program started.”
From Edmunds.com Sr. Analyst Michelle Krebs
“GM seems to have success when it has new products coming out of the gate, but as time goes by — and not much time, at that — they fizzle. The Chevy Cruze is a case in point. It had a screaming sales start and now is in a slump.
Meantime, Chevrolet Sonic is off to a great start and even the micro Spark looks to be having a good launch. At Buick, the older product had year-over-year declines, while the Verano kicked in a good number of sales. Cadillac, which has new products, was the only division that was up from a year ago after a long decline.”
ON CHRYSLER:
From Edmunds.com Sr. Analyst Michelle Krebs:
“Chrysler had another month of year-over-year sales increase, though the increase is narrowing and some of Chrysler’s hike is driven by substantial incentives on key models, like the Chrysler 200 midsize sedan, Chrysler Town & Country minivan and Dodge Journey SUV. That’s not a healthy trend for the long term, but it will keep Chrysler sales buoyed until new product is in the showroom. Sales of the Dodge Dart, which is slowly ramping up production in Belvidere, Ill., more than tripled from sales in June, the first month it was on the market. That’s a positive sign.”
ON FORD:
From Edmunds.com Senior Analyst Michelle Krebs:
“Ford appears to be having a great sell-down of its Fusion – which had its best July ever – as it prepares for the launch of the new 2013 model. The vehicle was also helped by the second highest incentive spend in its history. Ford Escape had significant, highly-publicized and recalls in July and Ford lost some Escapes damaged by a hail storm before they were sold, so sales were down. But inventories are tight and interest is strong. Escape was the second most considered vehicle on Edmunds.com.”
ON VOLKSWAGEN:
From Edmunds.com Senior Analyst Michelle Krebs:
“Volkswagen just continues to build momentum each month toward its march to 800,000 sales a year by 2018. Volkswagen is doing a good job of distinguishing itself from other automakers with its clean diesel powertrains.”
ON NISSAN:
From Edmunds.com Senior Analyst Jessica Caldwell:
“The Altima delivered a one-two punch for Nissan. The outgoing model – which represents about 88% of its July sales – brings good value to the table for the consumer with high incentives. The 2013 Altima is appealing to those who have been waiting for something new in the segment. The newest version of Nissan’s midsize sedan has been consistently ranked as the top considered vehicle on Edmunds.com for most of July.”
ON HONDA:
From Edmunds.com Senior Analyst Jessica Caldwell:
“Last July was a low point for Honda with its lowest market share for any month since 2005, but things are certainly improving for them. The Civic dominated the compact car segment in July selling thousands more than domestic competitors, Focus and Cruze. (NOTE: Toyota hasn’t reported full results yet). Things will continue to improve at Honda this fall with the launch of the new Accord sedan, which is still under wraps, but the Civic proved that people will buy a vehicle even if car critics pan it.”
ON KIA:
From Edmunds.com Senior Analyst Jessica Caldwell:
“Kia does not slow down even with tight inventory. In July, it had one of the lowest days to turn in the industry averaging 31 days, or 25 days lower than the industry average. Soul continues be the box-car standout as Kia’s second largest sales contributor and also boasts the brands’ fastest turn rate of 14 days in July.”
ON TOYOTA:
From Edmunds.com Senior Analyst Jessica Caldwell:
“Toyota continues to bounce back from last year’s inventory shortage. The onslaught of new and refreshed products certainly help as does the expanded Prius family which prove to be very popular every time high gas prices plague the country.”
Below please click on the Automaker to find out more about their July 2012 sales numbers:
Chrysler Group LLC.: Chrysler Group LLC Reports July 2012 U.S. Sales Increased 13%; Best July Sales in Five Years
General Motors:GM U.S. Sales Down on Lower Rental Volume
Ford Motor Company:Ford Fusion Achieves Best-Ever July Sales, Explorer Best July Sales in Six Years, F-Series Gains for 12th Straight Month
Toyota Motor Sales U.S.A., Inc: Toyota Motor Sales Reports Rise in July 2012 Sales
American Honda: American Honda Reports July 2012 U.S. Sales Increaed 45.3%
Nissan North America: Nissan North America Sales Increase 16.2% in July
Hyundai Motor America: Hyundai Motor America Reports Record July Sales
Kia Motors America: Kia Motors America Begins Second Half Of 2012 With Best-Ever July Sales
Volkswagen of America, Inc.: VW Reports 27.3% Sales Increase in July
BMW Group U.S.: BMW Group U.S. Reports July 2012 Sales
Audi of America, Inc: Audi sets all-time U.S. July sales record with 28% increase
Porsche Cars North America, Inc.: Porsche Reports July Sales: Retail sales up 5% year-to-date
Mercedes-Benz USA: Mercedes-Benz Posts July Sales of 19,311
Mitsubishi Motors: Mitsubishi Sales Down 47.4%
Subaru of America, Inc: Subaru of America, Inc. July Sales Mark Eight Consecutive Months of Sales Gains