U.S. Car Sales Rate Surges to an 8-Year High

Demand for cars and light trucks in the U.S. jumped to an annualized rate of 17.5 million in August, the highest pace since January 2006, Autodata Corp. reports. The rate for August 2013 was 15.9 million.

Unit volume climbed nearly 6% to 1.59 million vehicles, led by a 9% hike in truck sales to 818,800 vehicles. Car sales advanced 2% to 767,200.

August results were driven by strong gains at Toyota (+6% to 246,100), Chrysler Group (+21% to 195,000 units) and Nissan (+12% to 134,400).

Brands reporting record volumes in August include Hyundai (+6% to 70,000), Kia (+5% to 54,700), Mercedes-Benz (+9% to 27,100), Porsche (+37% to 4,500) and Subaru (+22% to 50,200).

General Motors' sales slipped 1% to 272,400 units last month as the company's car sales dropped 9% to 99,200. Ford's volume was virtually flat at 221,400.

Demand for Asian brands advanced 7% to 760,500 vehicles. Honda was flat at 167,000 units.

European marques posted a 2% gain to 135,100 vehicles in August. Sector leader Volkswagen reported its 18th consecutive month of decline as sales plunged 13% to 35,200 units. But VW's loss was more than offset by increases at BMW (+11% to 27,200), Mercedes-Benz and Audi (+22% to 17,100).