NEW YORK (TheStreet) -- December auto sales failed to exceed analysts expectations, said TheStreet's Debra Borchardt. She spoke to Keith Bliss, senior vice president of Cuttone & Company, on the auto sector.
Ford (F) and Chrysler posted positive sales figures for the month of December. General Motors (GM), on the other hand, had a sales decline in December. All three auto makers missed sales expectations.
Bliss said that is only one month of sales data in a year with the best annual results since 2007. Car prices are actually on the rise, he said, as are sales. Higher consumer confidence and falling unemployment are helping the positive sales trend, too.
Bliss thinks consumers have gotten used to higher gasoline prices and are still willing to purchase new vehicles. He noted that a majority of December sales were of light trucks, which get less miles per gallon than other vehicles.Bliss believes strength in vehicle sales should continue in 2014 although sales may not crack the annual record rate of 16.1 million vehicles.
-- Written by Bret Kenwell in Petoskey, Mich.