A big November for automakers
Damage from Sandy, growing consumer confidence and a calmer political landscape help auto sales over the month.
Updated 4:48 p.m. ET
Less political uncertainty, signs of a recovering economy and a need to replace vehicles damaged by Superstorm Sandy have combined to produce very good November sales numbers for automakers.
Industry analysts estimate that more than 1.1 million vehicles were sold last month in the U.S. -- putting sales numbers for 2012 at more than 15 million, or what could be the highest yearly sales rate since before the start of the Great Recession in 2008.
Toyota (TM) reported its November sales figures up 17%, Nissan's (NSANY) sales increased by 12.9% and Volkswagen (VLKAY) rose over 29%. Hyundai Motor America (HYMLF) reported a gain of 8%, its best November since the brand first came to the United States more than 25 years ago.
Overall, the industry's sales rate for light vehicles came in at 15.54 million on an adjusted annualized basis, according to industry tracking firm Autodata. That's up from 13.55 million a year earlier, and is the highest rate since January of 2008. Total unit deliveries rose 15% from a year earlier and 4.7% from October 2012.
"The Black Friday sales period once again provided a strong boost for Hyundai in the back half of the month and helped break our all-time November sales record," said Dave Zuchowski, Hyundai's executive vice president of sales, in a press statement. “We were also very encouraged by the strong sales recovery experienced in those northeastern regions that were ravaged by Superstorm Sandy and expect continued momentum there for the balance of the year."
According to the Hartford Courant, a recent analysis of insurance claims now suggests Sandy damaged or destroyed an estimated 230,000 vehicles.
Sandy also slowed down car sales at the end of October as the storm hit, so new-car lots faced pent-up demand in November -- while automakers offered new incentives.
"The fact that November sales have bounced back from a sluggish October suggests that those who lost cars or who deferred purchases after Hurricane Sandy are already getting back on the road," said Edmunds.com senior analyst Jessica Caldwell in report quoted by the Detroit Free Press. "Fortunately for these buyers, they entered a market in which holiday and year-end deals were in full swing and loan rates hovered near all-time lows."
Americans also are feeling a bit better about the economy. The Conference Board's Consumer Confidence Index rose to 73.7 in November from 73.1 in October -- its highest levels in more than four years.
"Over the past few months, consumers have grown increasingly more upbeat about the current and expected state of the job market," said Lynn Franco, the board's director of economic indicators, "and this turnaround in sentiment is helping to boost confidence.”
Consumer confidence was also being helped by a resolution of the U.S. presidential election -- and apparent indifference to the contentious financial wrangling in Washington, D.C.
"We don't expect any major impact on auto sales from the ongoing fiscal cliff discussions," TrueCar.com senior analyst Jesse Toprak reported last week.
"Even with all the talk of a looming fiscal cliff, Chrysler Group is well positioned for a strong sales finish to the year," said Reid Bigland, Chrysler’s head of U.S. sales and CEO of the Dodge brand, in a press release. "We are expecting a strong December as the industry continues to recover from the East Coast hurricane and consumers continue to respond to our popular year-end Big Finish event."
More from Money Now
- Holy tweet! The Pope joins Twitter
United States, manufacturing shrank in November, turning in its worst showing in more than three years. The Institute for Supply Management’s U.S. factory index fell to 49.5 in November from 51.7 a month earlier. The dividing line between expansion and contraction is 50. Gun sales see record Black Friday. The Fiscal Cliff concerns. Gridlock in Washington. Everyone’s taxes going up. I don’t feel and most people I know aren’t feeling that consumer confidence you are talking about.
SRTdriver read and go suck your own butt:
Barack Obama fared well across the country Tuesday night, winning 332 electoral votes en route to a second term as president. Nowhere did he perform better, however, than in states that place the highest emphasis on education.
Of the 10 most educated states, measured by the percentage of residents over 25 years old who have a bachelor’s degree or higher, Obama swept all 10. Conversely, among the 10 least educated states, Obama lost 9 states.
Here are the 10 most educated states, with those Obama won underlined. The percentage of residents over 25 with a college degree is in parentheses:
|Most educated states||Least educated states|
|Massachusetts (39.1%)||West Virginia (18.5%)|
|Maryland (36.9%)||Mississippi (19.8%)|
|Colorado (36.7%)||Arkansas (20.3%)|
|Connecticut (36.2%)||Kentucky (21.1%)|
|Vermont (35.4%)||Louisiana (21.1%)|
|New Jersey (35.3%)||Alabama (22.3%)|
|Virginia (35.1%)||Nevada (22.5%)|
|New Hampshire (33.4%)||Indiana (23.0%)|
|New York (32.9%)||Tennessee (23.6%)|
Here's some more you can suck on little man.
The 10 richest counties accounted for 1,337,700 votes, or about 1.1 percent of the national popular vote.
In none of the richest counties was the margin of victory wider than in California's Marin County, just north of San Francisco, where the president won by 74 percent to 23 percent, with all precincts reporting. In Marin, the average annual household income is $128,544.
you parasitic vermin!============================================================
That's over the top, LOL.
To all you rightwing whacks thank you for helping elect president Barack Obama. The country will forever be indebted to you whacks. Keep up the good work and who knows by 2014 we just might have a democratic house and filibuster proof senate.
Again Thanks So Much.
can you be an even bigger douchbag bob?? you represent your lefty loonie whacko's very well, meanwhile what've you gained azzwipe?? what've you gained with this muslim bastard being re-elected?? what?? you think the rich will be "punished"??? the only people being punished are the middle class, they're the ones paying for all this marxist lunacy and that's cool with you?? what a fckin' azzhole!!!!==============================================================
Are you really that stupid that you are still calling the president a muslim??? not only are you stupid your also a racist moron. What is it you find wrong with the muslim people? there are over 800,000,000 million muslim and you choose to hate them, you're the scum, good god what a waste your are little man. I bet you piss yourself at night.
Copyright © 2013 Microsoft. All rights reserved.
Quotes are real-time for NASDAQ, NYSE and AMEX. See delay times for other exchanges.
Fundamental company data and historical chart data provided by Thomson Reuters (click for restrictions). Real-time quotes provided by BATS Exchange. Real-time index quotes and delayed quotes supplied by Interactive Data Real-Time Services. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by SIX Financial Information.
The company tries to tamp down criticism from activists who argue that the mascot promotes childhood obesity.
- Oklahoma senators change tune on disaster relief
- At software giant SAP, autism is an asset
- Mike Bloomberg's next career: Taxi magnate?
- Shotgun wedding for Saks and Neiman Marcus?
- Charles Ramsey gets burgers for life, but no Big Macs
- New Jersey bar sting turns up 'swill'
- Mike's Hard Lemonade goes after male drinkers
- Big job gains expected next year, economists say
- Yum aims to fatten up by doubling Taco Bell sales
[BRIEFING.COM] The major averages ended modestly lower with the S&P 500 shedding 0.3%.
The benchmark average saw an opening loss of 1.2% after Japan's Nikkei tumbled 7.3%. Japanese stocks sold off amid continued volatility in Japanese Government Bond futures as the 10-yr yield spiked almost 16 basis points to 1.002 before the Bank of Japan's JPY2 trillion liquidity injection caused yields to retrace their gains.
Adding insult to injury was news out of China where the HSBC ... More
More Market News
In the never-ending contest for sales, American carmakers are pulling ahead.