Ford saw strong sales in October led, in part, but a significant increase in Ford Edge sales.
U.S. auto sales continue to enjoy a breakneck pace as the early results show automakers only reporting increases during October that could set new records.
GM sales rose 16% with Cadillac, Chevrolet and GMC reporting increases of at least 13%. Buick was the laggard in the group with sales slipping 0.2%.
Fiat Chrysler continued its run of monthly sales increases to 67 consecutive as sales rose 15%, largely due to a 33% increase for the Jeep brand. Ford enjoyed a strong October with a 13% leap, in large measure due to another strong month for the new F-150 full-size pickup truck, which rose 3.3%.
“Strong demand for our vehicles provided another double-digit sales increase in October, and Ford vehicles posted all-time record average transaction pricing of $34,600 per vehicle,” said Mark LaNeve, Ford vice president, U.S. Marketing, Sales and Service.
“Gains in our truck business were especially strong, with F-Series delivering its fourth straight month of sales gains and its best October retail levels since 2004.”
However, it was the brand’s car business that carried the month with a 16% jump in car sales led by the Mustang, which was up 121% in October.
Domestic makers weren’t the only ones celebrating a stellar month. Nissan sales rose 13% with the Nissan brand up 12%, and Infiniti deliveries jumping 23%, including substantial gains for the QX60.
Toyota followed suit with a 10% gain with the RAV4 and Highlander setting new records for October.
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“October was a huge month for the industry, smashing expectations and continuing its hot streak,” said Bill Fay, group vice president and general manager for the Toyota Division.
American Honda followed suit with sales up 8.6% led by the Honda division with a 9.3% jump led by the Civic, which was up 15%, and the Pilot, which posted a 63.4% jump. Its luxury group, Acura, posted a 4.2% jump.
Hyundai reported a 20% increase while its South Korean sibling, Kia, also saw sales rise by 12%.
Overall, sales are tracking for their best October since 2001 when many automakers offered big incentives and zero percent financing in the wake of the Sept. 11 attacks. A Reuters poll of more than 40 economists suggested seasonally adjusted annual sales would come in at a rate of 17.7 million units.
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However, many automakers were more optimistic predicting October would finish above an 18 million unit seasonal adjusted annualized rate. Overall, sales are expected to finish in the mid-17 million unit range this year.
Not only are sales going strong, the amount makers are getting for their vehicles is up too. the estimated average transaction price (ATP) for light vehicles in the United States was $34,023 in October 2015. New-car prices have increased by $458 (up 1.4%) from October 2014, while climbing $233 (up 0.7%) from last month.
“Transaction prices continue to rise with several segments besting the industry average in terms of growth, including full-size SUVs, high performance cars, mid-size trucks and vans,” said Akshay Anand, analyst for Kelley Blue Book.
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“From a brand perspective, Chevrolet, Hyundai, Lincoln, Ram and Subaru report superior month-over-month and year-over-year gains. These brands had growth from different segments across their lineups, a promising sign given the increasing popularity of SUVs and trucks in the market.”