(MENAFN- Saudi Press Agency) Holiday promotions and falling gas prices drove U.S. auto sales higher in November, automakers reported Tuesday.
Chrysler reported that its sales were up 20 percent to almost 171,000 vehicles, helping the company to its best November in 13 years. General Motors (GM), Toyota, and Volkswagen also reported gains.
Ford said that its sales fell 2 percent as it lost critical truck sales. Its new F-150 did not arrive at dealerships until the end of the month. Nissan also reported lower sales as its Infiniti luxury brand struggled.
The solid sales figures were fueled by deals, such as zero-percent financing on new Chevrolets and a $3,500 credit on a new BMW. New vehicles, such as the Jeep Cherokee and Toyota Camry, also drew buyers.
Low gas prices accelerated a trend toward sport utility vehicles (SUVs). Gas prices fell 23 cents in November to a four-year low of $2.76 per gallon, according to the Automobile Association of America (AAA). Sales of the new Nissan Rogue small SUV jumped 44 percent, while the Jeep Cherokee was up 67 percent.
Despite the deals, it was a profitable month for the industry, with consumers poised to set new spending records as they loaded their vehicles with extras like navigation. As of mid-November, buyers were spending an average of $30,874 per vehicle, or $165 more than the previous record of $30,709 in October, according to consulting firms J.D. Power and LMC Automotive.
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