New vehicle sales slip in October

(November 2, 2016) The largest volume automaakers selling new vehicles in the United States all reported declines in October sales compared to October 2015. The negative results all but dashed hopes the industry will set a new volume mark for 2016. Sales were down at General Motors, Fiat Chrysler Automobiles, Toyota, Nissan, Honda and Volkswagen.

Ford did not report sales Tuesday because of a fire Monday at its world headquarters in Dearborn, Mich. Analysts predict Ford's October sales will fall 11 percent.

Only four automakers managed to advance in October — Subaru, Mitsubishi, Hyundai-Kia and Jaguar Land Rover. Hyundai shows a 4.2 percent gain month over month while Kia realized a 2.1 percent decline.

GM sales dropped 0.8 percent at Chevrolet, 6.2 percent at GMC and 9.4 percent at Cadillac. Sales increased 7.4 percent at Buick. The good news at GM is that retail sales grew by 2.5 percent. Sales of rental vehicles was off 19 percent.

Sales at Nissan were down 2.5 percent, Fiat Chrysler sales were off 10.2 percent, Honda showed a 4.2 percent decline including huge 20 percent drop at Acura, Toyota was down 8.7 percent, and Volkswagen was off 18.5 percent.

While car sales continued to slip, the sales of trucks and crossovers showed gains. That's been the trend throughout 2016. “Light trucks remained the hottest segment for the industry in October,” said Bill Fay, general manager of the Toyota Division.

But the large midsize sedan segment continued to decline. For instance, the nation's top-selling mid-sized car — the Toyota Camry — fell 15 percent, the Honda Accord was off 15 percent, the Nissan Altima was down 3.3 percent and the redesigned Chevrolet Malibu slipped a whopping 35 percent.