A rising demand shows that there is more confidence in financial recovery
San Francisco, CA -- (SBWIRE) -- 10/05/2012 -- Seeing their highest level of sales in three years - full sized pickup trucks are leading the way with a 16% jump in August. The overall sales of automobiles is on the rise too with an “overall auto sales increase of 20%,” according to Autodata corp. Many feel that the rising demand for vehicles is that businesses are replacing older models of vehicles and people are feeling more confident in recovery after the recession.
“Businesses don’t usually go buy a fleet of trucks unless they have good reason to believe that business will be ramping up,” said Jesse Toprak, Vice president of market intelligence for the TrueCar.com auto pricing service. Ford, General Motors and Chrysler are the largest makers of full sized trucks and all shared the wealthy with double digit gains in August.
The top selling pickup, is Ford’s F-Series that saw a sales increase of 19%. Chrysler’s Ram pickup also saw the same increase. General Motors’ Chevy Silverado 4% and their Sierra was up by nearly 9%. The increase in sales are good for automaker’s profits, with the average profit for a pickup truck sale at $5,000 compared to the $1,000 to $2,000 for an average car. Toprak expects truck sales to “continue to grown faster than the rest of the U.S. car market for the remainder of the year.
Gas prices rose for than 20 cents a gallon last month reaching an average price for $3.82, which drove people to look at purchasing small cars last month. With such strong sales of trucks, auto sales overall should continue to rise for the rest of the year. August sales for all vehicles are much stronger than in years past but have not yet reached the rate of 17 million which was when the market topped out in 2005.
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