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Auto loan applications for trucks have increased with the start of a housing recovery.
According to officials at General Motors and Ford, the start of the housing recovery has increased pickup truck sales and will continue to do so. On average, industry-wide, pickup sales increased 16 percent in August on a month-over-month comparison.
“Housing is probably along with autos the brightest spot in the economy,” Kurt McNeil, GM U.S. vice president for sales operations.
Jenny Linn, an economist, told the The Street that the housing sector plays a continual role in full size pickup sales and expects an increased amount of truck sales with the improving housing market. Truck sales are directly influenced by a housing recovery because workers need trucks to build houses, while indirectly corresponding with the housing market which puts more money in peoples pockets to buy vehicles, like trucks.
GM’s total truck sales increased to 10.9 percent in August, up from 10.4 percent a month prior. GM’s Chevy Silverado pickup truck sales increased 4 percent to 38,295 on a month-over-month comparison while Ford’s F-series truck sales were up 6 percent on a month-over-month comparison and up 19 percent on a year-over-year comparison.
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