The Detroit based United States auto industry is celebrating for May because sales are on a major upswing, following a brutal downturn in April 2010. The US demand for cars has been rocketing right back up as Americans continue a strong trend of buying new vehicles in May and bringing a double digit spike in sales that prove consumers are feeling confident about the US economy and deciding that the time is right to buy a new vehicle. With the process of getting a new car loan getting a little bit easier and prices for gas keeping at a fairly stable rate, consumers are having more to spend and not quite so scared about the future. In all, May is the seventh consecutive month of higher sales compared to the same seven month stretch for 2008 through 2009.
This is good news for companies such as Chrysler Group LLC, General Motors Company and Ford Motor company, each of whom say double digit gains for their sales compared to only a year ago when GM was going into a now legendary bankruptcy like Chrysler had just done at that time. In addition to strong car sales for US companies, car makers in both Europe and Asia also posted strong sales increases for May with the exception of Toyota which had given far too many discounts after experiencing a tragic level of safety related recalls. The Japanese auto maker will now need to play a strong game of catch up if they hope to regain the market share that the recalls have cost them.
