Major automakers reported strong sales for the month of June, easing investor concerns that the industry could be poised for a drop-off after a great start to the year, according to The Associated Press.
The big names in the industry all posted huge gains compared to last year. The largest shift was at Toyota, with sales up 60 percent compared to June 2011. Its chief rival, Honda, was up 49 percent as well. However, much of that was due to heavily reduced sales last year because of the Japanese earthquake.
Yet even automakers who didn't have low sales last year showed strong momentum. Among domestic automakers, Chrysler and General Motors led the way with 20 and 16 percent gains, respectively. Ford also had a good showing with a 7 percent increase. Volkswagen's sales were up 34 percent, and the company is on track to have its best year in the U.S. since 1973.
"Despite a rising level of uncertainty with the economic recovery, consumers remain resilient in their willingness to purchase new vehicles," Jeff Schuster, senior vice president of forecasting at LMC Automotive, told the news source. Schuster believes the industry will sell 14.5 million cars by year's end, which would be the best annual total since the economic downturn.
While many are buying cars right now, some are holding on to their current vehicles in order to save money. Keeping up with scheduled maintenance can ensure these cars stay on the road.