If October auto sales show anything, it's that a lot of consumers are still hooked on sport-utility vehicles. All they need are some lower gas prices and a few more dollars in discounts to take the plunge—no matter how many warnings there are of a rebound in high prices at the pump next year and beyond.
General Motors (GM) posted a 17% gain in sales of cars and light trucks, including SUVs, while at Ford (F) sales were up 8%, according to Autodata. GM reported retail truck sales up 52%, led by a doubling of sales of both its 2006 and '07 Chevy Silverado and GMC Sierra pickup trucks and a 46% gain in luxury SUV sales. GM has been discounting its pickups to make way for a redesigned pickup about to hit showrooms, and a redesigned Chevy Silverado/Tahoe was launched last spring to rave reviews in the autos press.
"Gas prices coming down combined with redesigned models have helped a rebound—no question," says GM's sales analysis chief Paul Ballew. Ford's SUVs, especially the redesigned Lincoln Navigator (up 44%) and Ford Expedition (up 41%), are also benefiting from newness and lower gas prices. Meantime, Toyota's (TM) SUV sales were up 52%. Most of Honda's (HMC) light truck business was down.
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