Chrysler, Hyundai report strong November sales
DETROIT -- Chrysler and Hyundai reported strong sales in November as Americans continue to buy cars and trucks at a brisk pace.
Industry analysts say that economic conditions lined up to make November strong. Home values are rising, hiring is up and interest rates remain low. Americans are more confident about the economy than they've been in a while. And that means they're willing to make big purchases.
Chrysler's U.S. sales rose 14 percent last month, the company said Monday. It predicted that industry-wide sales would run at an annual rate of 15.3 million in November, making it the best month is more than four years. Hyundai said its sales rose 8 percent last month over a year earlier.
The automakers were the first to report sales Monday.
November sales, when calculated on an annual basis, are likely to be 15 million or more, the highest rate since March of 2008, according to LMC Automotive, a Detroit-area industry consulting firm. That's above the 14.3 million annual rate so far this year, even though November is normally a lackluster month due to cold weather and holiday anticipation.