January Auto Sales Make Huge Surge

In more good news for the once beleaguered auto market, America's three largest auto makers all reported huge January sales gains. GM sales were up a whopping 36%, while Ford rose 27% and Chrysler rose 23%. Chrysler's sales were buoyed by a giant 47% increase in Jeep sales for January.

Import automakers such as Toyota scored some gains as well, however Kia scored gains in excess of 25% and Hyundai had a 22% increase. Mazda was one of few brands to post lower sales, with a 9% decline.

Overall, January was a great month for auto sales with the average increase of 23%. The sharp untick in auto sales should be a good omen of an improving economy.