It’s looking like June was another strong month for auto sales in the U.S., despite the Federal Reserve’s suggestions that it would roll back its bond-buying program and let interest rates rise.
Analysts polled by Bloomberg are calling for a 7.1% year-over-year increase in U.S. light-vehicle sales for June. (“Light vehicles” are cars, pickups, and SUVs.)
That increase would mean that the pace of auto sales in June was the fastest we’ve seen since 2007. And that’s good news for the automakers – though, as always, some appear to have fared much better than others.
Another big month for the Blue Oval
It’s looking like Ford Motor Company (NYSE:F) will be one of those that fared better than most of its rivals. Last week I noted that a couple of leading analysts have predicted that Ford Motor Company (NYSE:F) will come in among June’s sales leaders, and that appears to be a consensus opinion.
Bloomberg surveyed 11 analysts and reported on Monday that Ford Motor Company (NYSE:F) is likely to report a monthly sales increase of about 12%, the analysts’ consensus estimate. That number comes despite Ford Motor Company (NYSE:F)’s own concerns about the Fed’s shift in position.
Ford’s Americas chief, Joe Hinrichs, told reporters last week that the Fed’s moves, which roiled the stock markets, might have led to a slowdown in sales in the later part of June. Auto sales often decline when the stock market is dropping – both reflect acute drops in consumer confidence, to some extent.
But it’s likely that Ford’s overall June numbers will reflect continued momentum on the fronts where the Blue Oval has been especially strong recently: pickups, the Escape SUV, and the white-hot Fusion sedan. That’s good news for Ford’s second-quarter profits, which will be reported later this month.