Reuters - Video

Edition: US | UK | IN | CN | JP

Video

Cheap gas helps drive U.S. auto sales

Thursday, October 01, 2015 - 01:27

The big three U.S. auto makers reported a jump in September sales thanks to low gasoline prices as well as ultra-low interest rates. Bobbi Rebell reports.

▲ Hide Transcript

View Transcript

2015 is shaping up to the best year for auto sales since 2000. General Motors sales up 12.5 percent year-over-year, Ford up 23 percent. Fiat Chrysler rising 14 percent. Driving those sales: cheap gas, low interest rates, and the fact that the entire Labor Day weekend, a popular time to buy cars, fell in September. Consumers snapped up SUV's and pickup trucks, and they were better able to finance those purchases thanks to those continued ultra-low interest rates. And the outlook is also strong. Eric Lyman of TrueCar: SOUNDBITE: ERIC LYMAN, VICE PRESIDENT, INDUSTRY INSIGHTS, TRUECAR (ENGLISH) SAYING: "We do expect 2016 will continue to see an increase in sales although it will slow down. Actually, 2015 is expected to be the first time since the 1920's that we have seen six sequential years of sales increases. So going into 2016 you are really talking about in the modern automotive era unprecedented growth in sales. " Top automaker General Motors says its profit margins are improving in North America and China. GM also said it is targeting double digit growth in 2016. Ford said U.S. retail sales were the best since 2004, with trucks up a whopping 29 percent. Chrysler's Jeep brand saw an increase of 40 percent. The numbers also encouraging for the broader U.S. economy, because they provide an early sense of consumer spending for the month.

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code

Cheap gas helps drive U.S. auto sales

Thursday, October 01, 2015 - 01:27