U.S. auto sales for July came in ahead of expectations amid cheaper financing and lower gas prices which helped drive consumers to dealers. Last month proved to be a buyer’s market with the lowest interest rates since last fall. Auto sales expectations in July zoomed ahead of estimates to stay on track for its best year in a decade, driven by the continued purchases of SUVs and pickup trucks. Industrywide auto sales for the month were up 6%, surging to an annual rate of about 17.6 million to 17.7 million vehicles. The figure was expected to rise by 3%, bringing the total annual rate to 17.2 million units. The sales numbers for the big three car makers were upbeat. General Motors (GM) saw sales jump 6.4% to 272,000 vehicles helped by strong demand of its Jeep cars, while sales of Fiat Chrysler (FCAU) rose 6.2% year over year delivering more than 178,000 vehicles. And Ford (F) sales gained nearly 5% to 222,000 units, with its F-Series truck retail sales soaring by 13% in July. TheStreet’s Kurumi Fukushima reports in New York.
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