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Automotive Market Sees Increase in Sales

The month of October was the best selling month for vehicles of this year with an average of 12.3 million. For the month of November, it is estimated that it will follow the same path and analysts have predicted that the average for the month will be around 12.2 million. This is great news for the automotive sector, since it has really struggled in the past few years. But, what has lead to the increase of sales of in the sector? Those professionals in the field are citing two main reasons for the increase in sales. The first being that since the weather is getting colder, more people are turning to buying trucks and SUV's. In addition, gas prices have remained steady for quite some time now which means that people are now beginning to feel more comfortable in purchasing these bigger vehicles.  

The concrete statistics for the month of November should be out Wednesday of this week. However, so far it has been predicted that Ford and Chrysler have increased their sales by 20%. During October, the sales of the Ford F-Series pick up increased by 30%, while the Chrysler Jeep Grand Cherokee increased by 41%. However, the Cinderella story of the month would have to be the GM Equinox which saw an amazing rate of a 75% increase in sales.   

The foreign automakers have also cashed in on this vehicles sales, with professionals predicting that Honda will have an increase of around 24%, while Nissan may be reporting sales increase of 16%.   

Normally the month of November, according to past years, is a time in which there are very limited sales and is considered to be one of the worse months for the automotive market. However, this year, in looks like things are looking up. One can only hope that this sudden interest in buying new vehicles will continue to affect the rest of the economy.