US auto sales see fastest pace since 2008


US auto sales in January hit their highest rate since 2008, driven by huge growth at once-troubled Chrysler and improving consumer confidence, industry data showed Wednesday.

"January auto sales blew past expectations based on the strength of the best line of products consumers ever got to choose from as well as the improved outlook for economic recovery," said Jesse Toprak, an analyst at TrueCar.com.

Total industry sales rose 11.4 percent from January 2010, according to Autodata.

But the big news was in the sales pace, which rose to an adjusted, annualized rate of 14.18 million vehicles. That's up from 13.56 million in December and the best performance since May 2008.

That is still down significantly from the 15 to 17 million vehicles sold annually in the dozen years leading up to the 2008 financial crisis, but a dramatic improvement from even a year ago when the sales rate came in at 12.69 million.

January is typically the slowest sales month of the year because so many buyers were drawn in by December's year-end sales or are waiting for new models to hit showrooms.




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