You don’t hear much good news coming out of the auto industry lately, but November auto sales are reported to have hit a promising turning point as consumers bought more cars and trucks. Novembers new vehicle sales have been the highest in two years, with the exception of a brief period in 2009 when government rebates encouraged consumers to purchase vehicles that they couldn’t afford. The 17% surge is giving automakers confidence that the industry is on track for a strong year end finish.
Ford, General Motors, Chrysler, Nissan, Hyundai have all reported double-digit increases. Hyundai had the biggest increase, up 45 percent from the same month last year, and Toyota, which has been hurt by a string of safety recalls, had a 3% sales drop.
Industry analysts suggest the solid November sales numbers show that consumers who have kept their jobs through the economic downturn are now feeling confident enough to spend money and replace older vehicles. Incentives on lease deals and rebates also helped push up sales.