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Aug. Car Sales Soar 13% As 0% Loans, Cash Discounts Keep Detroit Humming; GM Lifts Earnings Guidance; It and Ford increase plans for output in second half, in boost for the economy.(A)
Byline: JED GRAHAM
Cars and trucks flew off dealers' lots in August, as consumers continued to jump at interest-free loans and cash discounts.
General Motors said U.S. sales rose 18% from a year ago. Sales at DaimlerChrysler's Chrysler unit surged 24%, and Ford's rose 12%.
Most foreign automakers also saw impressive U.S. gains, as year-over-year sales rose more than 12% at Toyota, Nissan and Honda.
Overall, sales rose 13.2% from a year ago to a yearly 18.7 million-unit rate, the fastest this year. Sales easily topped July's 18 million pace and came in well above forecasts of 17.6 million units.
The brisk sales show that consumer spending remains robust despite disappointing same-store gains at discount and department stores for back-to-school sales.
While some on Wall Street wonder how long auto sales can stay on a tear, even with incentives, the activity is helping the economy.
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