CBT News Anchor Joe Gumm reports on U.S. automotive sales totals for the month of October 2017 at dealerships around the U.S.
The seasonally adjusted, annualized sales rate for the month was 18 million.
Trends that influenced the month
According to Edmunds, the average transaction price of a new vehicle hit a record $35,428 in October. This is a 2 percent increase compared to October of 2016 and a 12 percent increase compared to October of 2012. The average down payment on a new car also reached record territory in October, hitting $3,966. This is up $374 compared to October of 2016 and $454 from five years ago.
Starting with Ford. The automaker increased 6.2%, outpacing expectations with strong sales from everything *but* cars. F-series sales (the most popular vehicle in the U.S.) were up 15.9%, making it the model’s best October in 13 years.
Nissan North America posted the company’s best-ever October, increasing 8.4%. The Japanese automaker’s SUVs, trucks and crossovers rose 13%. The very popular Nissan Rogue crossover posted a 43% increase in sales.
Toyota came in lower than expected, but still rose 1.1%. Car sales from Toyota and Lexus tumbled 12.7%, but some strong numbers from the automaker’s crossovers and SUVs were impressive, rising 25.3%. Pickup sales from the automaker jumped 15.5%.
Honda rose 0.9%, with car sales increasing 5.9% in October. The company’s Accord and Civic sedans were up 4.7% and 15%, respectively. Acura, the automaker’s luxury brand dropped 1.3%.
Some of the other automakers looking positive for October, included….
VW Group improved 10.6%.
Subaru was up slightly, 0.5%
GM. A few weeks ago we told you about the automaker reducing its inventory and lowering incentives for the month as it aimed to bolster retail sales over less-profitable sales to fleet customers such as rental car companies. It declined 2.2%.
FCA, this might sound redundant, it’s down 13.2%. Besides Alfa Romeo…Ram, Jeep, Fiat, Dodge and Chrysler…all declined.
According to Jessica Caldwell (Senior Analyst with Edmunds) “The shift away from passenger cars in favor of trucks and SUVs is impacting all facets of the auto market.” “Interest rates are rising and bigger vehicles have higher price tags, but so far car shoppers don’t seem to be shying away from putting more money down or having a higher monthly payment to drive the vehicle they want.”