July 02, 2014

Vehicle sales in June hit 17 million units

July 3, 2014 – Marking the highest monthly sales figure since 2006, total vehicle sales in June increased to an annualized, seasonally adjusted 17 million units, according to data published by Autodata Corp. and analyzed by NAFCU Senior Economist Curt Long.

Total vehicle sales in June increased from May's rate of 16.8 million annualized units. Sales levels increased 6.9 percent from a year ago. "Pent-up demand, improved access to credit and increasing household wealth – thanks to a surging stock market – all helped fuel the positive sales data," Long said in a NAFCU Macro Data Flash report.

Car sales increased from May's level of 8 million annualized units to 8.3 million annualized units in June, while sales of light trucks held at 8.7 million annualized units in June.

Four of the six largest automakers reported increases in their year-over-year sales numbers. Chrysler reported the strongest gain in sales with 9.2 percent, followed by Nissan (5.3 percent), Toyota (3.3 percent) and General Motors (1 percent). Ford and Honda each suffered 5.8 percent sales declines.

"Overall, vehicle sales have been a key driver in the economic recovery, and are expected to continue supporting the economy throughout the year," Long said.