Newspaper Article

960 WordsOct 22, 20134 Pages
Auto sales jump in August, and so do prices Paul A. Eisenstein The Detroit Bureau Sep. 4, 2013 at 12:31 PM ET JONATHAN ERNST / Reuters JONATHAN ERNST / Reuters New Ford vehicles occupy the lot at Koons Ford dealership in Fairfax, Virginia, in this July 24, 2013 file photo. U.S. auto sales rose higher than expected in August. New Ford vehicles occupy the lot at Koons Ford dealership in Fairfax, Virginia, in this July 24, 2013 file photo. U.S. auto sales rose higher than expected in August. U.S. new car sales appear to have reached a six-year high as buyers raced back to showrooms in hot August – but the news wasn’t all good from a consumer standpoint. While car sales are adding momentum to an economy still looking for traction, buyers may have wound up paying record prices for new vehicles last month, according to a preliminary analysis. Sales of new cars, trucks and crossovers appear to have run at a 16 million annualized pace, according to industry analysts, with General Motors, Ford, Chrysler, Toyota and Nissan among the many brands to show double-digit gains. Hyundai, set another sales record despite the impact of capacity problems worsened by a labor dispute in South Korea. "August capped a great summer for new vehicle sales,” says Bill Fay, Toyota division group vice president and general manager, who suggested that, "The auto industry continues to be a bright spot in the economic recovery.” The global sales leader reported a 22.8 percent gain for the month in the U.S. market. Up 22.3 percent, Nissan had an August sales record. With a 21.5 percent gain, Audi of America blew past the previous record it set in August 2012 and recorded its 32nd consecutive monthly gain. J.D. Power and Associates and other analysts project total sales for the month will have come in at a 16.1 million Seasonally Adjusted Annual Rate, or SAAR. The figure would have come in

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