Chrysler reported its best December sales in six years to cap a strong comeback year for the industry.
NEW YORK (CNNMoney)
Chrysler's best December in six years lifted its full-year sales by 9%. Sales have been strong across the industry in 2013, with sales for the sector up 11% through November.
Other automakers such as General Motors (GM, Fortune 500), Ford Motor (F, Fortune 500) and Toyota (TM) are due to report December and full year sales later Friday. When final figures are in, the industry is expected to have sold more than 15 million vehicles for the first time since 2007. The following year, auto sales plunged during the first full year of the recession, pushing GM and Chrysler into bankruptcy. Both automakers were bailed out by the U.S. government.
Today all the U.S. automakers are profitable, even though U.S. sales are still about 2 million vehicles below the record levels of more than a decade ago. Last month the Treasury Department sold its last shares of GM after their price climbed more than 40% during the year. Wednesday Fiat agreed to buy the remaining shares of Chrysler from a union-controlled trust fund.
Related: Fiat to buy full control of Chrysler
The 2013 sales volume is much healthier for the industry than the larger volumes of the last decade. There have been more sales to consumers and fewer to rental car companies and other fleet buyers who pay less for cars and quickly dump them on in the used car market, pushing down new car prices. As a result, consumers spent a record dollar amount on cars in 2013.
Sales in 2013 have been helped by a number of other factors as well:
- Pent-up demand from buyers who had delayed purchases in recent years and were stuck driving older cars.
- Strong gains in the stock market, which lifted not only household wealth but also consumer confidence.
- Falling unemployment, which means that more Americans can afford to purchase a car.
- Greater access to credit, as lenders offered attractive rates on both car loans and leases.
- A rebound in the housing market, which allowed homeowners to refinance and free up money for a car payment. A jump in home building led to a particularly strong year for pickup truck sales.
The auto industry's recovery has been an important driver for the economy as a whole. The industry added about 75,000 jobs in 2013, from auto plants to parts manufacturers and dealerships. More hiring is expected this year. Ford has already said it expects to add 5,000 jobs in 2014, its biggest increase in 50 years.
Related: Coolest supercars of 2013
Analysts are forecasting even stronger auto sales in 2014, with sales at or above 16 million vehicles.
"All the indicators are trending in the right direction," said Alec Gutierrez, senior analyst with Kelley Blue Book. "We see growth continuing, although the pace of growth is going to slow."
First Published: January 3, 2014: 8:18 AM ET
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