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Total vehicle sales in August increased from July's rate of 17.6 million annualized units to 17.8 million annualized units on a seasonally adjusted basis – the highest pace since July 2005, according to data released by Autodata Corp. and analyzed by NAFCU Research Assistant Yun Cohen.

Sales levels increased 2.8 percent from a year ago.

"Vehicle sales are being driven by cheap fuel prices, low interest rates and an improving labor market," Cohen said in a NAFCU Macro Data Flash report. "However, recent stock market turmoil, if continued, could cause some buyers to hold off on vehicle purchases, and may affect luxury car sales in particular."

Car sales decreased from July's level of 7.8 million annualized units to 7.7 million annualized units in August. Light trucks increased from 9.7 million annualized units to 10.1 million annualized units – their fastest pace in 10 years.

Two of the six largest automakers reported increases in their year-over-year sales numbers. Ford reported the strongest gain in sales at 5.6 percent, followed by Fiat Chrysler Automobiles (1.7 percent). Toyota's sales were down 8.8 percent, as were Honda (-6.9 percent), Nissan (-0.8 percent) and General Motors (-0.7 percent).