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Auto sales posted a small rebound in November, but few analysts are taking it as a sign that the economy has finally turned a corner.
The latest figures from Edmunds.com show that new vehicle sales in November are expected to be 850,000 units, representing a 1.9 percent increase over October's figures.
However, most major automakers continued to see a substantial decrease over last year's sales figures. Two of the American "Big Three" automakers, Chrysler and Ford (F), led the decline with a respective 41.7 and 33.1 percent drop since November of 2007.
Nissan posted a 29.3 percent sales drop over the past twelve months, while GM (GM) rounded out the big three with a 28.2 percent drop. The entire auto industry saw a 27.6 percent sales decline, while Honda suffered the smallest drop at a relatively successful 20.6 percent.
Jesse Toprak of Edmunds.com said that the tiny bump in sales figures was likely due to "remarkably low gas prices" as well as "near record high incentives" and possibly even relief among some consumers that the presidential election is over.
For her part, Michelle Krebs of Edmunds' AutoObserver.com website noted that the latest figures come at a time when the big three are seeking government bailout funds and trying "to demonstrate that their products are appealing to the American public."
Auto sales somewhat less anemic
Auto sales posted a small rebound in November, but few analysts are taking it as a sign that the economy has finally turned a corner. The latest figures from Edmunds.com show that new vehicle sales in November are expected to be 850,000 units, representing a 1.9 percent increase over October's figures.
However, most major automakers continued to see a substantial decrease over last year's sales figures. Two of the American "Big Three" automakers, Chrysler and Ford (F), led the decline with a respective 41.7 and 33.1 percent drop since November of 2007.
Nissan posted a 29.3 percent sales drop over the past twelve months, while GM (GM) rounded out the big three with a 28.2 percent drop. The entire auto industry saw a 27.6 percent sales decline, while Honda suffered the smallest drop at a relatively successful 20.6 percent.
Jesse Toprak of Edmunds.com said that the tiny bump in sales figures was likely due to "remarkably low gas prices" as well as "near record high incentives" and possibly even relief among some consumers that the presidential election is over.
For her part, Michelle Krebs of Edmunds' AutoObserver.com website noted that the latest figures come at a time when the big three are seeking government bailout funds and trying "to demonstrate that their products are appealing to the American public."
