New-vehicle sales, a barometer of Maryland's economic health, continued to cruise for the year as sales rose 16.4 percent last month, according to figures released yesterday by the state Motor Vehicle Administration.
February marked the fourth consecutive month in which sales were higher than in the corresponding period of the previous year.
"Last month was a good time to buy a car," said Jerome H. Fader, chief executive of Atlantic Automotive Group of Owings Mills, which operates 30 new-car dealerships in the state. "Good incentives were available, the weather was mild, interest rates were low and dealer inventories were good."
Fader said sales could have been even better if state dealers had received more hot-selling Chevrolet and Dodge pickup trucks. "Dealers in the mid-Atlantic region can't get enough trucks to meet consumer demand," he said.
Based on its title registration figures, which equate to sales, the MVA said consumers bought 22,519 new vehicles last month. That compares with 19,350 in February 1998.
Dealers had 20 selling days last month, compared with 19 in the same month of last year.
The heavy showroom traffic didn't detract much from the used-car lots. Sales of previously owned vehicles totaled 41,546 last month, up 6.1 percent from the 39,153 units sold in February 1998, the MVA reported.
While the selling activity was brisk, there are also signs that consumers were keeping a wary eye on their budgets as they signed sales contracts.
According to the MVA, the average price of a new vehicle was $22,459 last month -- $561 below the January price.
The average price of a used vehicle last month was $6,599. This was $831, or 11.2 percent, below the average used-vehicle price in January.
The sharp rise in local sales last month compared with a 12.6 percent increase in new-car and light-truck sales for the nation, according to Automotive News, an industry trade publication.
Strong sales of light trucks, which include vans and sport-utility vehicles, were credited with helping Ford Motor Co., Honda, DaimlerChrysler AG and Toyota post record sales last month. General Motors Corp. also posted a strong showing with sales up 17 percent.
Dealers fell just short of selling a light truck for every car leaving the showroom.
Factory incentives on the 1999 and 1998 Chevrolet Cavaliers helped boost GM sales. Rebates of up to $2,000 made the Cavalier the ninth-best-selling car in the country last month, according to Automotive News. The best-selling car was the Toyota Camry.
Pub Date: 3/25/99