Not even the deep chilly January could dumb the swelling auto industry.
In what is naturally a frosty, inhospitable month for car manufacturers, retail sales of new cars and trucks in the U.S. developed a remarkable 25% — including a 33% leap for General Motors Co. and a 58 % growth by Chrysler Group LLC.
Ray Huffines who is the CEO of Plano-based Huffines Auto Dealerships, said “If we can have this kind of business in January, I can hardly wait for March.” Plano-based Huffines, Auto Dealerships deal in Chevrolet, Dodge, Chrysler, Jeep, Hyundai, Kia and Subaru stores branded cars.
The rise last month comes after 11% increase in December, which forecasters say predicts well for sales the rest of the year.
George Hoffer, a business professor at the University of Richmond who follows the industry stated thus “Housing is down and showing no signs of coming back. In reality, the auto industry in recent years has moved to its own drumbeat.”
Lee Chapman, president of the Dallas-Fort Worth Metropolitan New Car Dealers Association said “Dealers, like most businesses, are looking for consistency in the economy. Each month seems to pick up a little more steam. Six months ago, we could be up one month, down the next.”