May Car Sales Return To Pre-Recession Levels

June 4, 2014 3:56 PM

May Car Sales Return To Pre-Recession Levels
" DETROIT (WWJ) - Good weather and a strong Memorial Day weekend helped car buyers ignore reports of recalls, pushing car and truck sales up more than ten percent in May.

“I’m totally flabbergasted,” said George Magliano, senior auto economist at IHS Automotive.  “They’ve beat my expectations, but I was conservative.  They’ve beat everybody’s.  That’s the way it’s shaping up.”

The SAAR (Seasonally Adjusted Annual Sales Rate) is expected to come in between 16.5 and 17 million, returning the industry to rates that were seen before the recession.

“Auto sales for the month of May seemed almost to defy logic,” said Kelley Blue Book analyst Jack Nerad. “In a month that included dismal consumer confidence scores and the announcement that the American economy as a whole had actually contracted in the first quarter, auto sales were very robust. General Motors’ sales results epitomized that trend of defying logic "

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