NEW YORK ( TheStreet) -- The U.S. auto industry posted sales of 1 million units in November, up 13.9% from a year earlier, according to statistics released by Autodata. On a seasonally adjusted annual basis, sales reached 13.6 million vehicles last month, the highest since the cash-for-clunkers program in Aug. 2009.
Acting as a major driver, the Thanksgiving holiday weekend proved to be the strongest selling period, says Hyundai Motor America's executive vice president of national sales. On the high wave of consumer durables spending by the Americans, the demand for the big pickup trucks also pushed the U.S. vehicle sales to the highest levels.
|GM Sales in the U.S. totalled 180,402 vehicles in November, up 6.9% from 168,739 a year earlier.|
The average price per vehicle rose 4% to $30,000 from the earlier year, according to TrueCar.com. Average industry spending on incentives such as leases and low-interest loans was $2,534 per vehicle in November, up 2.5% in October, the industry-tracking firm reports. In the final week of November 2008, auto dealers sold about 260,000 vehicles, which held steady during the recession to reach more than 340,000 this year, according to estimates from TrueCar.com.
These stocks have potential upside of 11% to 63%, based on latest quarterly results. They have buy recommendation of 72% and hold rating of 25%, according to analysts polled by BloombergThe stocks are listed in ascending order of upside potential.
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