Retail sales of cars and light trucks in northeast Ohio rebounded in May, recording an increase of almost nine percent over the same month a year prior, according to figures released Friday by the Greater Cleveland Automobile Dealers’ Association.
The retail automotive industry in Northern Ohio sold 18,286 new vehicles in May of 2012 versus 16,791 vehicles sold in May of 2011, an increase of 8.9 percent. For the year to date, new car and light truck sales this year are up 3.69 percent over 2011.
News Release from the Greater Cleveland Automobile Dealers' Association
This is obviously good news because we are starting to go up against some pretty strong months from last year,” says Louis A. Vitantonio, president of the GCADA. “Another positive in May is that incentive spending is trending down, but sales continue to climb. This is a good sign for both dealers and the economy.”
Moderating oil prices and pent-up market demand are two factors that will likely continue to push the market forward in the months ahead.
A total of 19 brands posted sales increases for the month when comparing figures to the same period a year prior. Ford led the way with 3,203 vehicles sold. Chevrolet came in second with 2,620 vehicles sold, while Honda gained third with 1,726 vehicles sold in the month. Toyota took fourth place with 1,582 vehicles sold in May, an increase of 20.1 percent over the same month a year prior.
Chrysler, Dodge and Jeep continued to sell well, each of the brands registering strong double digit growth when comparing May of 2012 with May of 2011. Of the three brands, Jeep had the best month, registering an increase of almost 35 percent in terms of month-to-month sales from a year prior.
19 Brands Up in May (‘12 v. ‘11)
The following 19 brands posted sales increases in May 2012 versus May 2011: Acura, Audi, Chevrolet, Chrysler, Dodge, Fiat, Ford, Honda, GMC, Jeep, Lexus, Lincoln, Lotus, Mercedes-Benz, Mini, Subaru, Suzuki, Toyota, and Volkswagen.
16 Brands Up Year to Date through May (‘12 v. ‘11)
The following 16 brands posted sales increases for the year to date versus the same period in 2011: Audi, BMW, Chrysler, Dodge, Fiat, Ford, Jeep, Kia, Lotus, Mercedes-Benz, Mini, Smart, Subaru, Suzuki, Toyota and Volkswagen.
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