US auto sales rose more than expected in October, amid concern that the market has peaked.
According to Autodata, sales rose at a seasonally adjusted annual rate of 18.29 million.
Analysts had estimated that total vehicle sales rose at a rate of 17.6 million, according to Bloomberg, little changed from last month.
After a record sales year for the auto industry in 2015, analysts and automakers came into this year concerned that the market had peaked.
In response to that fear, carmakers offered potential buyers huge incentives like cash rebates to entice them. According to Barclays analyst Brian Johnson, the incentives offered in the past four months are near the highest level seen since the Great Recession.
Here's the final scoreboard:
- GM: -1.7% (-6.9% expected) Fiat Chrysler: -10% (-9.8% expected) Ford: -12.1% Nissan: -2.2% (-1.5% expected) Volkswagen: -18.46% Honda: -4.2% (-4.4% expected) Toyota: -8.7% (-4.7% expected) BMW: -16.6% Mitsubishi: 2.8% Subaru: 4.1%