U.S. auto sales are on track to hit an annualized rate of 11 million in January, according to the chief domestic sales analyst at General Motors Co.
Mike DiGiovanni said that while sales are off to a slow start this year, they should be much improved from the anemic 9.6 million selling-rate last January. The rate hit 11.25 million in December.
DiGiovanni cautioned January sales are rarely a good barometer for annual demand, and the projection was subject to change since more deals occur towards the end of the period.
A dearth of deals in the wake of holiday giveaways, along with cold weather and shopping fatigue among U.S. consumers also typically depresses sales at the start of the year.
However, the prediction is a sign that sales are improving along industry expectations after hitting a 47-year-low in 2009.
While an 11-million selling rate this month would be an improvement, the market remains well below the recent historical "norm." In January 2008, before the U.S. economic crisis sent auto sales tumbling, the selling rate was 15.7 million.
GM has said total U.S. light-vehicle sales will likely be 11 million to 12 million in 2010.
(Source: irco.biz)
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