The Detroit News reports on a new survey by Edmonds that suggests that the pace of auto sales has picked up for the month of July, with the annualized rate expected to top 10 million cars for the first time this year. The annualized rate is the month’s total sales multiplied by 12.
U.S. auto sales have gathered pace this month, bolstering expectations that the auto market is starting to recover from 25-year lows in the first half of the year.
Several forecasters predict that the annualized selling rate for July will exceed 10 million vehicles for the first time this year…
Online auto research site Edmunds.com predicts that sales in July will total 950,000 cars and light trucks.
While that would be 16.3 percent lower than last July’s sales, it would represent an increase in the annualized selling rate to nearly 10.5 million vehicles from less than 10 million in each of the first six months of 2009.
This should pick up a bit in August as well due to the cash-for-clunkers program, which officially goes into effect today. Estimates of the total sales of cars and trucks in America vary at this point. JD Power and Associates is predicting a total of 10 million units sold for the year. Deutsche Bank predicts 10.2 million vehicles sold. Ford, on the other hand, is predicting a surge in the last 6 months of the year to push the yearly totals to between 10.5 and 11 million vehicles sold.
2008 total sales in the American market were 13.2 million. In 2007, 16.1 million vehicles were sold.