Pace of November auto sales races to near five-year high

Auto sales in November were helped by a rebound from storm-ravaged October and the need to replace aging vehicles which put the industry on pace for a near five-year high and left executives optimistic about 2013.

Sales in November were on pace to top an annual rate of 15 million vehicles, which would mark the highest level since the 15.5 million rate of February 2008.

"Vehicle sales are one of the encouraging spots of our economy," said Gary Bradshaw, portfolio manager with Hodges Capital Management in Dallas.

Ford Motor Co (F.N), Honda Motor Co (7267.T) and Nissan Motor Co (7201.T) posted better-than-expected sales, while Chrysler Group LLC, Toyota Motor Corp (7203.T) and Hyundai Motor Co (005380.KS) also reported strong increases that industry executives and investors said should continue through the end of the year.

Read Full Article from Reuters

- Posted: 2012-12-03 15:02:50

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