August 2, 2013—Detroit’s “Big Three” automakers, General Motors, Ford and Chrysler, all saw gains in July new-car sales, as did Honda and Toyota, putting the market on course for its best year since 2007.
According to Bloomberg News, there is an old fleet of cars on the road, as well as low interest rates and competitive lease deals, that are helping boost new-car sales.
The pace of July sales is on track to post its best year since 2007 when 16.1 million light vehicles were sold.
U.S. light-vehicle sales have jumped 8 percent this year through July and are forecast to finish the year at around 15.5 million units. That would mark about a 50 percent increase from the industry total of just four years ago.
Honda led the pack with 21 percent sales gain in July, and Toyota showed a 17 percent increase from last year.
Sales for General Motors saw a 16 percent gain, while the other two Detroit automakers, Ford and Chrysler, both reported an 11 percent sales gain for July.
Nissan also showed an increase of 11 percent.
Chevrolet's new Impala, which Consumer Reports magazine just lauded as the best sedan in the U.S., saw a 38 percent increase over last year.
General Motors and Ford both showed a rise in shares as well. General Motors rose 1.7 percent to $36.47, and Ford rose 1.8 percent to $17.19 at the July close in New York.
