News & Resources

Auto sales spike in February

Mar 04, 2011 Brian Bradley

AutoNation's recently released data shows that consumers are well on their way to re-establishing a strong car buying market. According to the nationwide dealership chain, sales for new vehicles spiked 29 percent in February compared to February 2010. The new figures come after January sales were found to have increased 27 percent from the same month last year. Higher consumer confidence, incentives and higher leasing rates, and more obtainable credit are being considered the motivating factors. "Sales rates are starting to exceed expectations. It's an opportunity to grab sales from others if you're aggressive enough and you have the right product," Jesse Toprak, vice president of industry analysis at TrueCar.com, told ABC News. AutoNation found that approximately 17,000 vehicles were sold in February, with nearly one-third built by U.S.-based car makers - 40 percent rise from February 2010. Foreign brands jumped 35 percent to about 9,000 units, while sales of luxury vehicles dipped 1 percent. The recession appears to have persuaded consumers to hold onto their older vehicles. According to AutoNation, the average vehicle on the road is 10.2 years old - a full year older than in 2007.