According to chief investment strategist at Mainstay Management in Grand Blanc Michigan, David Kudla, sales for the month of May in Michigan crept towards $40 billion. Kudla added that May 2015 is setto be one of the best months for auto sales ever, coming close to the August 2014 record of $40.3 billion.
A senior analyst at Edmunds.com, Jessica Caldwell, reported that the timing of Memorial Day weekend was a large factor in the increase in car sales observed this May. The recent nationwide plunge in gasoline prices, largely due to an American boom in oil production over the past few years, also contributed to the heightened demand for new cars and SUVs. Caldwell noted that since Memorial Day came a week before the month ended this year, Americans were able to take advantage of sales deals for an extended window of time.
Chief investment officer Jack Ablin at BMo bank in Chicago noted that credit for car loans had also improved. A strong dollar has created "headwind" for consumers, who felt more confident about making a big purchase like a car.