America's appetite for new cars and trucks surged to a new high in November as auto sales ran at their fastest pace since early 2008. "Business is great!" says Tammy Darvish, vice president of DARCARS Automotive Group, which owns 34 auto dealerships in the Washington, D.C. area. "People are buying again, there's a steady flow of customers. It's different from a few years ago."
In 2009, as the recession dropped America's economy to its lowest point, auto sales collapsed to 10.4 million for the year. Since then the auto industry has gradually recovered.
This year sales are on pace to total 14.5 million vehicles, with November posting the highest monthly sales rate of the year at 15.0 or 15.1 million vehicles.
The official sales pace will be announced Monday, but analysts saw business at dealerships pick up throughout November. J.P. Morgan's analyst Ryan Brinkman says, "Automakers we spoke to were excited about the gathering industry strength into month-end." Hyundai posted an 8 percent gain in sales last month with its best November ever in the U.S.
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