by Mike ‘Mish’ Shedlock
Industry analysts are pumping up April 2016 to be the best April in history for car sales. Some analysts expect record sales for the entire year.
“Cheap credit, low gas prices and rising consumer confidence help drive more buyers to showrooms,” says the Wall Street journal in its report U.S. Auto Sales Back on Track in April.
Analysts forecast industry-wide sales will rise 5% in April to set a new monthly high and the selling pace will eclipse 17.5-million vehicles, putting the auto industry back on track to beat last year’s sales record.
Fiat Chrysler Automobiles NV on Tuesday posted a 5.6% rise in April sales, driven by continued demand for its Jeep brand. It was the Italian-U.S. auto maker’s best April in 11 years as Jeep brand sales climbed 17% for their best April yet, with the Renegade and Compass logging their best monthly sales ever.