Detroit, Michigan – Auto sales fell for the first time in 2016 in May with steep declines for General Motors, Toyota, and Ford. The biggest culprit was timing – two fewer sales day in May, 2016, compared to May, 2015.
GM didn’t make things any easier on itself by slashing sales of cars to rental-car companies, but analysts say the strategy should raise resale values on its cars, making them more attractive to buyers and easier to lease. In addition, hot-selling new cars lost several production days during the month because of earthquakes in Japan. GM officials say they could have sold more Cadillac XT5, Chevrolet Cruze, and Chevrolet Malibu models had more been available.
Trucks far outperformed cars, as has been the case this year. Detroit Free Press reporter Brent Snavely notes that auto sales remain near record high, and despite the lower sales rate in May, 2016 still should be a record-setter for full-year sales.
For details on May auto sales, read more here.
Source: Detroit Free Press