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July Auto Sales Zoom Ahead of Estimates Driven by SUVs, Pickup Trucks

U.S. auto sales for July came in ahead of expectations amid cheaper financing and lower gas prices which helped drive consumers to dealers.

U.S. auto sales for July came in ahead of expectations amid cheaper financing and lower gas prices which helped drive consumers to dealers. Last month proved to be a buyer’s market with the lowest interest rates since last fall. Auto sales expectations in July zoomed ahead of estimates to stay on track for its best year in a decade, driven by the continued purchases of SUVs and pickup trucks. Industrywide auto sales for the month were up 6%, surging to an annual rate of about 17.6 million to 17.7 million vehicles. The figure was expected to rise by 3%, bringing the total annual rate to 17.2 million units. The sales numbers for the big three car makers were upbeat. General Motors (GM) saw sales jump 6.4% to 272,000 vehicles helped by strong demand of its Jeep cars, while sales of Fiat Chrysler (FCAU) rose 6.2% year over year delivering more than 178,000 vehicles. And Ford (F) sales gained nearly 5% to 222,000 units, with its F-Series truck retail sales soaring by 13% in July. TheStreet’s Kurumi Fukushima reports in New York.

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