October saw healthy car sales

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Autos swiftly moved off U.S. car lots in October as industry sales increased due to buyers' growing confidence and new models drawing them to dealerships, the Associated Press report s.

Chrysler, Ford ( F ), Honda ( HMC ) and Nissan ( NSANF ) had at least 10 percent increases from October 2009 while GM sales increased 3.5 percent - amounting to an increase of 13.4 percent.

"The trends are positive, and we are going in the right direction," Jesse Toprak, vice president of industry trends at car pricing tracker TrueCar.com, told AP. "We are seeing more confidence by consumers to make big-ticket purchases in an uncertain economic environment."

By contrast, October sales at Toyota ( TM ) - whose business performance is damaged by confronting recalls for safety reasons and an aging lineup - fell 4 percent. The Camry, which has not seen updates in three years, plunged 14 percent in October.

As compared to October 2009, Chrysler sales rose 37 percent, Ford sales rose 19 percent, while Honda and Nissan each increased 16 percent.

"There is generally less bad news out there," said Don Johnson, GM's vice president of U.S. sales. "The consumers are starting to believe that the worst is over."



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Personal Finance , Business

Referenced Stocks: F , HMC , NSANF , TM

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