Strong economy, low-interest rates drove strong May vehicle sales
YOUNGSTOWN — Following today’s release of May sales numbers, industry analysts said vehicles sales were strong.
“It’s looking like another strong month for vehicle sales,” said Charlie Chesbrough, senior economist for Cox Automotive.
He noted that the trend of car sales being down and truck/SUV sales being up continued, and cited strong job creation and low-interest rates as factors in the strong vehicle sales market.
General Motors, manufacturer of the Lordstown-built Chevrolet Cruze, recently stopped releasing monthly sales reports, but analysts said GM likely had a good sales month.
“We would expect GM to be up as well, based on their market share and the vehicles they’re selling and the vehicles that are doing well right now,” said Karl Brauer, executive publisher for Autotrader and Kelley Blue Book.
Cox Automotive reported that its team had forecasted an 11.7 percent year-over-year increase in GM’s May sales, and said it estimates GM “came in near initial expectations.”