Steel Markets
June 2, 2015
US Auto Sales Blast Estimates
Written by Sandy Williams
May U.S. automotive sales exceeded expectations with a seasonally adjusted annual rate of 17.71 million vehicles, according to the final tally by WardsAuto. Predictions ranged from Bloomberg’s consensus of 17.0 million to GM’s prediction of 17.5 million. May sales were at the highest single-month level since July 2005. The final tally for April was 16.5 million.
Trucks and SUVs continue to lead sales for US automakers. Low gas prices and easier lending terms have helped boost monthly purchases. According to Experian, the average auto loan term has increased with nearly 30 percent of new vehicle loans extending six years or more.
