U.S. auto sales in July were strong with the second highest SAAR – seasonally adjusted annual selling rate in ten years with Ford F-Series (66,000), Chevrolet Silverado (56,000) and FCA’s Ram (36,000) posting strong results. Overall, 842,066 light trucks were sold compared to 669,195 passenger cars.
Offshore brands also had a good month, which included Audi, up 20.8%, Honda, up 6.5%, and Kia, up 7.7% for a monthly sales record of 56,311 units. Light trucks and crossovers were popular in July with sales up 12.9% from a year ago. Car sales dropped 2.9%
Six of the top ten selling vehicles in June were from offshore automakers. Offshore brands increased their share of the U.S. market in July, accounting for 55.6% of all vehicles sold in the United States last month, up from 54.8% in June.
In third place behind the Ford F-Series and Chevrolet Silverado pickups, the Toyota Camry again led the offshore brand sales at 38,435 units. The Honda Accord was in fifth place and the Nissan Altima in sixth place, with sales up 27% to 33,842 units. Not one Detroit Three car made the Top Ten list.
As a segment, Asian automakers once again led the U.S. market, with a 46.8% share, up from 45.4% in June and 45.7% in May. Overall, the Orientals sold 707,243 vehicles, up from 669,697 in June and 673,783 in July 2014. European brands lost market share, falling from 9.4% of the U.S. market in June to 8.8% in July. The Euros sold 132,748 units, down from 139,071 units last month, but up from 128,572 last July. Detroit Three brands finished July with a 44.4% share, down from 45.2 last month, but up from 44.1% last July.
The average new car loan APR was 4.38% in July. The lowest average for a single month since September 2014. Loan term or length for new cars continues to grow: July saw an average of 68.1 months. Fully 13% of new cars buyers who financed in July locked in a 0% APR. That is three percentage points higher than last month’s figure of 10, according to Edmonds.com.
“Consumers were spurred to action by hot summer deals, appealing interest rates, and consistently low gas prices,” said AIADA President Cody Lusk.