he first half of 2013 put the U.S. auto industry on pace for its biggest U.S. sales year since 2007, when 16.1 million vehicles were sold. And industry analysts are expecting that rebound to continue into the second half of the year, starting with July.
DETROIT, MI- The first half of 2013 put the U.S. auto industry on pace for its biggest U.S. sales year since 2007, when 16.1 million vehicles were sold.
Industry analysts expect that rebound to continue into the second half of the year, starting with July.
Overall, sales this month are expected to increase about 15 percent compared to last year to more than 1.3 million vehicles sold, based on expectations from three of the leading automotive intelligence companies: Kelley Blue Book, Edmunds.com and TrueCar.com.
“July delivered the highest year-over-year increase so far in 2013,” said Jesse Toprak, TrueCar senior analyst, in a statement. “Consumer demand for new vehicles remained healthy, with small cars/SUVs and large trucks outperforming the industry sales rate.”
On the low end, TrueCar and Edmunds expect sales to be nearly 1.33 million units, up about 15 percent from July 2012 and down 5 percent from June 2013. KBB expects sales this month to come in at 1.34 million cars and trucks.
Automakers, including the Detroit Three, are scheduled to release their sales Thursday.
Edmunds.com projects that Toyota will beat out Ford in total sales this month, the first time since March 2010. In a bit of a surprise, Edmunds projects Toyota Motor Corp. will beat out Ford in total sales monthly sales in July for the first time since March 2010. The Japanese automaker will claim 15 percent of U.S. auto sales in July, its highest share since January 2013.
TrueCar and KBB both have Ford maintaining its No. 2 spot behind crosstown rival General Motors Co.
Industry experts and analysts say record-low interest rates, pent-up demand and economic signs of a recovery continue to lead consumers into dealerships with no signs of slowing down.
“Consumer confidence has a played a key role in the ongoing recovery and currently is at the highest levels seen since January 2008,” said Alec Gutierrez, KBB senior market analyst, in a statement. "With modest improvements in unemployment and housing expected to continue through the rest of the year, confidence likely will follow suit, driving new-car demand along with it.”
Check back to MLive Thursday for more information on July auto sales.