US sets record for auto sales in 2016

U.S. sales of new cars and trucks hit a record in 2016, totaling 17.55 million.

But after six straight years of sales gains – a string not seen since the 1920s – U.S. sales have reached a plateau. The National Automobile Dealers Association expects U.S. sales to drop to 17.1 million vehicles in 2017 as interest rates and vehicle prices rise. More buyers are also opting for longer loans, which means they won’t be returning to dealerships anytime soon.

For now, though, the market is strong. Nissan Motor Co.’s U.S. sales rose 5 percent in 2016 to more than 1.5 million, a company record. Ford Motor Co.’s sales were up less than 1 percent to more than 2.6 million. Fiat Chrysler’s sales were flat at 2.2 million.

General Motors Co. said its year-over-year sales were down 1.3 percent to just over 3 million cars and trucks. That was partly because the company cut back on low-profit sales to rental-car firms. Toyota Motor Corp. said its full-year sales fell 2 percent to 2.4 million. Volkswagen brands sales dropped 8 percent to 322,948, hurt by the company’s diesel mileage cheating scandal.

Automakers released December and full-year sales on Wednesday. These were the top selling vehicles in the U.S. last year, the number sold and the percent change from 2015. Vehicle Total 2016 sales Percent change from 2015.

This story was originally published January 4, 2017 at 5:45 PM with the headline "US sets record for auto sales in 2016."