US Auto Sales Rise

(MENAFN- Saudi Press Agency)
Detroit, Rajab 17, 1439, Apr 3, 2018, SPA -- Major automakers reported higher U.S. new-vehicle sales for March amid a strong U.S. economy and large consumer discounts. The strong results for March followed a weak performance in February.
General Motors (GM) posted a 16-percent jump in new vehicle sales from the previous March. Fiat Chrysler reported a 14 percent increase marked by a 45 percent spike in sales of its Jeep models.
GM recorded double-digit sales increases across all of its brands last month, with particularly strong gains for its sport-utility vehicle (SUV) and pickup truck models. But while GM said its average transaction price rose in the first quarter, the company's consumer discounts as a percentage of transaction prices hit 14.5 percent.
Industry analysts consider discounts of more than 10 percent to be unhealthy as they undermine resale values and erode profits.
Ford reported a 3.4 percent in March sales. Toyota reported a 3.5 percent sales increase, with strong increases in SUV and truck sales offsetting a 6.1 percent decline in sedan sales. Nissan reported a 3.6 percent sales drop for March.
Last year, U.S. auto sales fell 2 percent after hitting a record high of 17.55 million units in 2016. Sales are expected to drop further in 2018 as interest rates rise, pushing monthly car payments higher.
--SPA
20:52 LOCAL TIME 17:52 GMT

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