Chrysler Group LLC, a subsidiary of Italian company Fiat S.p.A. (Milan: F) reported Thursday that October car sales up 10 percent to 126,185 as U.S. consumers were drawn to ideal financing options and the need to replace aging vehicles. The company said it was the best September since 2007, prior to the mortgage meltdown that sent the country into recession.
“Going forward with our current product line up, record low interest rates and a stable U.S. economy, we remain optimistic about the health of the U.S. new vehicle sales industry and our position in it,” said Reid Bigland, president and CEO of the Dodge brand and head of U.S. sales.
The Detroit-based auto giant saw gains sales for its Dodge, Ram Truck and Chrysler brands. Fiat sale also gained, but Jeep sale declined 4.8 percent. Dodge exhibited the strongest growth at 20 percent. Car sales grew 18 percent while truck sales were up 7.1 percent.
Edumunds predicts that total car sales will be up 11 percent for the month and down 4.8 percent from September’s strong performance. It had forecast 13 percent growth in October for Chrysler.
Analysts polled by Thomson Reuters expect total U.S. auto sales to hit 14.9 million for a second consecutive month. Sales from the world’s top automakers offer an early glimpse into consumer sentiment for the rest of the month.
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