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Turkey warns Israel over airspace violations
DETROIT, July 2 (UPI) -- Nationwide car and truck sales surged 4 percent in June, leaving automakers hopeful that the long-awaited economic recovery is gaining speed.
Record discounts and rock-bottom interest rates failed to heat sales beyond lukewarm levels in the early part of the year. The war in Iraq, bad weather and economic uncertainty kept many buyers at home, the Detroit News reports.
Americans bought cars and trucks at an annualized rate of 16.15 million units in the first half of the year. Some automakers and economists believe demand could surge to an annual rate of 16.5 million to 17 million during the second half of the year.
Industrywide, new car and truck demand is off 1.8 percent this year through June.
"The financial markets are improving, interest rates are down, and tax cuts are on the way," George Pipas, Ford spokesman, told The News. "This thing is likely heading north."
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