Large Vehicle Sales Soar as Gas Prices Stabilize
Large vehicle sales are now leading the way in the recent turnaround of the automotive industry. Autotrader.com, a popular automotive marketplace and information website, recently reported that, in July, twelve of the top twenty most common searches on its website were for trucks and SUVs. The Jeep Grand Cherokee experienced the greatest increase in popularity, climbing from Autotrader's 63rd most searched vehicle to its 9th. The company also analyzed its recent sales data and reported an overall jump in large vehicle sales.
Chip Perry, the president and CEO of Autotrader, believes that this increase in large vehicle sales reflects Americans' acceptance of current gas prices. Large vehicle sales had slumped in recent years due to spiking gas prices, but the average price per gallon of gas in the U.S. currently stands at $2.78, and many Americans perceive gas prices as having stabilized in recent months. Perry noted that consumers lately seem more interested in utility and style than in gas mileage, and expects large vehicle sales to remain strong as long as gas prices stay relatively stable.