|
Auto sales in high gear
|
 |
January 6, 1999: 3:58 p.m. ET
Carmakers report highest sales in 12 years, thanks to lots and lots of trucks
|
NEW YORK (CNNfn) - U.S. auto sales surged to their highest level in a dozen years in 1998, thanks to booming demand for trucks, minivans and sport/utility vehicles.
Powered by solid sales reports Wednesday from Honda and Toyota, and a stronger-than-expected finish by General Motors Corp., industry sales rose 2.9 percent in 1998 to an estimated 15.6 million cars and light trucks.
Last year's total fell just shy of the record 16.1 million vehicles sold in 1986, when the U.S. economy was booming and customers were flocking to dealerships to buy a car before the Internal Revenue Service did away with the tax deduction for new car purchases.
Michael Luckey with Luckey Consulting in Woodcliff Lake, N.J., said automakers really put the pedal to the metal in December, with sales surging to an annualized rate of 17.1 million.
"December was a huge month," Luckey said, adding the industry hasn't reported a month like December since 1986.
Honda sales zoom
The U.S. unit of Japanese automaker Honda said Wednesday it sold a record 1,009,600 cars and trucks last year, up 7.4 percent from 1997. The company's December sales hit 83,936, a record for the month and up 6.3 percent from the previous record set in December 1997.
As with other auto companies, Honda said trucks were a key factor in the positive numbers. Light truck sales reached 149,129 last year, a 34.3 percent increase from 1997.
Car sales were also record-breakers in '98. American Honda said total car sales hit 860,471, up 3.7 percent over 1997 and topping the previous record for total car sales of 854,879 set back in 1990.
Toyota also had good things to say about 1998. The company sold a record 1,361,025 vehicles last year, up 10.6 percent over the previous record of 1,230,122, set last year.
Toyota said 1998 is the ninth consecutive year that it sold more than one million cars and trucks and the third year in a row the company set a total year-end sales record. December total vehicle sales rose 19 percent, reaching 138, 720.
Camry holds onto the sales crown
Last year was also the second year in a row the Toyota Camry earned the title of best-selling car in America, posting total sales of 429,575 cars, up 8.2 percent over 1997. Sport/utility vehicle sales were up 43.4 percent, going from 17,608 to 25,252.
At GM, a 54-day strike last summer forced sales of cars and trucks to fall 3.3 percent in 1998 to 4,608,764 vehicles. However, the automaker ended the year on a strong note, with December sales rising 3.1 percent.
"December set the stage for what we plan to realize in 1999. We are now expanding our truck offerings and refining our car mix -- it's a rich portfolio designed and engineered to score with customers," said Roy Roberts, vice president and group executive of GM North American Vehicle Sales, Service and Marketing.
Tuesday, Ford Ford and DaimlerChrysler also reported record sales figures for the year. 
|
|
|
|
|
|
Honda
Toyota
|
Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney
|
|
|
|
 |
|
