Recent reports reveal that US car sales in May have exceeded expectations, largely driven by Memorial Day promotions and high demand for SUVs. According to Autodata Corp., there has been a 2 percent increase in sales compared to last May, with over 1.64 million cars and trucks sold. This marks the fastest growth rate since July 2005, surprising many analysts who had anticipated a decline due to reduced purchases by rental car companies and other auto fleets.
Traditionally, May is a strong month for car sales, often fueled by buyers using their tax return money and preparing for summer trips. Last year, May car sales saw an impressive 11 percent increase, reaching just over 1.61 million, the highest monthly total in nearly ten years.