Incentivized Shoppers Make July a Strong Month for Dealers and Automakers

Published: Aug 8, 2014
Toyota RAV4 2014 Exterior
The last few months have been very good for the automotive industry and July was no exception. Thanks to very attractive summer incentives, U.S. dealers sold a total of 1.435 million vehicles in July, “with top auto makers posting near double-digit increases over last year.”

This is an increase of 9.1 percent over last year, which brought the seasonally-adjusted annualized selling rate up to 16.48 million, compared to 15.76 million in 2013.

According to data by TrueCar, incentives were definitely the driving force behind the strong sales, as incentive spending increased by 8.4 percent compared to the same month last year. The last time spending was this high was July 2010.

SUVs were by far the most popular types of vehicles. For example, Ford SUVs saw a stunning 17.1 percent increase in July, while sales of Jeep are 41 percent higher than those of July 2013. Experts think the secret behind this is the growing popularity of the compact crossover SUV.

To check out each automaker’s figures, read the full article at Wall Street Journal.

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Victor Lance is the founder and president of Lance Surety Bond Associates, Inc. He began his career as an officer in the U.S. Marine Corps, serving two combat tours. As president of Lance Surety, he now focuses on educating and assisting small businesses throughout the country with various license and bond requirements. Victor graduated from Villanova University with a degree in Business Administration and holds a Masters in Business Administration (MBA) from the University of Michigan's Ross School of Business.