Superstorm Sandy helps automakers
Source: Agencies |
December 5, 2012, Wednesday
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Print Edition
Print Edition
SUPERSTORM Sandy gave an extra boost to US auto sales, making November the best month for carmakers in nearly five years.
Toyota, Volkswagen and Chrysler were among the companies posting impressive increases for November, which is normally a lackluster month because of colder weather and holiday distractions. Only General Motors was left struggling to explain yet another month of weak growth.
Industry sales rose 15 percent from a year earlier to 1.1 million, according to AutoData. That was the fastest pace since January 2008. US sales would reach 15.5 million this year if they stayed at November's rate, far higher than the 14.3 million rate in the first 10 months of this year.
Americans are more confident in the economy, a key driver of auto sales. And besides just feeling better, people need to replace aging cars or vehicles damaged by Sandy, which ravaged the East Coast at the end of October.
"Everything is kind of moving along almost in concert now," says Jeff Schuster, senior vice president of forecasting for LMC Automotive, a Detroit-area industry consulting firm.
Sandy added 20,000 to 30,000 sales industry wide last month, mostly from people who planned to buy cars during the October storm but had to delay their purchases, Ford said.
People who need to replace storm-damaged vehicles are expected to drive sales for several more months. GM estimates 50,000 to 100,000 vehicles will eventually need to be replaced.
At Toyota, sales rose 17 percent in November, partly due to post-Sandy demand. Honda was up 39 percent thanks to strong sales of the new Accord sedan and clearance deals on the outgoing Civic, which was replaced by a new 2013 Civic at the end of the month. Volkswagen's sales rose 29 percent on the strength of the Passat sedan.
But at General Motors, sales rose just 3 percent.
GM's biggest brand, Chevrolet, reported flat sales over last year despite new products like the Spark minicar. Silverado pickup sales fell 10 percent.
GM's sales have been trailing the industry all year. They were up 4 percent through October, compared to the industry-wide increase of 14 percent.
GM said competitors resorted to higher-than-usual incentives last month to pare 2012 model-year trucks.
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