(By Balachander) TrueCar.com, an automotive information site, forecasts U.S. new car sales to rise 17 percent for the month of August compared with the same period of last year.
New light vehicle sales are estimated to be 1,255,392 units, up 8.9 percent from July 2012.
TrueCar.com estimates August sales at General Motors Co. (NYSE:GM) and Ford Motor Co. (NYSE:F) to grow 3.9 percent and 9.5 percent, respectively, on an year-over-year basis. Chrysler sales are expected to increase 9.6 percent for the month.
While the overall economy remains at a stand-still, auto sales continue to be strong as August marks the third straight month of seasonally adjusted annualized rate (SAAR) over 14m, said Jesse Toprak, Vice President of Market Intelligence for TrueCar.com.
The August forecast translates into a SAAR of 14.2 million new car sales, up from 12.1 million in August 2011 and up from 14.1 million in July 2012.
TrueCar.com forecasts retail sales growth of 14.3 percent from August 2011 and 9.7 percent from July 2012.
Used car sales are estimated to increase 4.7 percent from August 2011 and drop 13.3 percent from July 2012, TrueCar.com said.
Toprak said domestics continue to lose market share as the strength of the Japanese recovery continues. Volkswagen is quietly becoming a serious player whose growth can't be ignored.
TrueCar.com expects Volkswagen August sales to jump 33 percent from the year-ago levels. Honda Motor Co Ltd. (NYSE:HMC) and Toyota (NYSE:TM) sales are estimated to rise 62 percent and 41 percent, respectively.