July was not a month for the analysts. Big sales driven by closeout deals never materialised and forecasters may have forgotten July 2009’s month-end sales spike fuelled by the ‘cash for Clunkers’ rebates.
When the counting was done, sales still came in ahead of last July, totalling nearly 1.05m cars and trucks. Estimates of the seasonally adjusted annualised sales rate (SAAR) vary from 11.55m to nearly 12m units. Either figure would mark not only an improvement over July 2009 but would be one of the best results this year. Volume was up 5.1% but the extra selling day last month dropped the daily sales rate (DSR) to 1.2%.
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General Motors’ adjusted sales rose 2.4% thanks to strong results from its core brands (Buick, Cadillac, Chevrolet and GMC). Fleet sales accounted for just over a quarter of the total but GM said retail sales rose 18% last month.
Adjusting for DSR dropped Ford into the red. Sales were down 0.8% as solid numbers from its namesake brand were dragged down by poor results from Lincoln, Mercury and Volvo. The F-Series broke the 50,000-sale mark for the first time since March 2008.
Chrysler finished with a 0.2% gain, thanks to very good numbers from Jeep where sales rose an adjusted 14.4% allowing the smallest Detroit automaker to overcome deficits posted by Chrysler and Dodge. Ram truck sales rose 6.8%.
Toyota and Honda both missed their marks, down 6.8 and 5.6%, respectively. Strong Acura sales kept Honda’s numbers from being worse, but Lexus was no help to Toyota. Solid truck sales allowed Nissan to avoid the slump and report sales 10.4% ahead of July 2009.
Among the second tier Japanese automakers, results were generally positive marred only by Suzuki’s 46.4% shortfall. Subaru set another record with sales up 5.7% and Mazda’s 4.6% gain kept it in the black in YTD results. Mitsubishi sales rose 12.2%.
The Koreans had another good month: Hyundai and Kia both reported new monthly records as sales grew 14.4 and 16.2%, respectively.
Except for of Saab, where sales were down 21.2%, the European automakers had good news. Volkswagen Group led the pack with a 13.1% improvement and the prediction of a record year for Audi. BMW took the top spot in the premium segment as sales rose 6.0% and Daimler squeaked by with a 1.6% advance, overcoming weak sales of the Smart. Porsche enjoyed a 68.6% leap thanks to new models. Jaguar and Land Rover both finished in the black, as well, giving Tata a nice 40.7% gain.
Full-size pickup sales continue to be the big story. Volume was up 28.6% as every brand reported increased sales. The big trucks grabbed another 2.2% of market share compared to July 2009 as commercial buyers replaced older vehicles. Industry watchers are hopeful this is a positive sign for the US economy and hope the trend will counterbalance the softening consumer market that is still jittery about committing to new car purchases.
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