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.