US auto sales rate may increase
SOUTHFIELD, Michigan (Bloomberg) - US auto sales in November probably will run at a faster annualised rate than a year earlier in a sign of improving industry health, two researchers said.
The annual selling rate will be 10.3 million vehicles, Edmunds.com predicted yesterday, while JD Power & Associates projected a figure of 10.2 million. JD Power said the November 2008 rate was 10.1 million.
"The recovery has been slow, but is progressing," Jeff Schuster, executive director of global forecasting for JD Power, said in a statement. "Transaction prices are at their highest levels in years, indicating a healthier close for the fourth quarter."
Manufacturers, suppliers and dealers use the annual sales rate to compare monthly totals by taking into account seasonal buying patterns. US sales were 13.2 million in 2008, after averaging 16.8 million this decade through 2007. The lowest pace this year was 9.11 million, in February.