Automakers Report Rising Sales in June

The auto industry reported some positive news on Tuesday, as sales jumped across the board. Chrysler said that its sales were up 20% in June versus the year ago period. The company cited credit availability, and pent-up demand for the jump. General Motors GM said that its sales increased 15.5% for the month, which was nearly double analysts' expectations. Early in the trading day, GM shares have surged 4.50% on the back of the strong results. The Buick brand was a significant driver in the company's June sales, increasing 26.8%. Sales at GMC were up 14.9%, Chevrolet rose 14.8% and Cadillac added 11.6% versus last year's corresponding period. General Motors also saw a big increase in its fleet sales, which climbed 36%, while retail was up 7.9%. Ford F reported a sales increase of 7.2% for the Ford brand while Lincoln saw an increase of 2.5%. Ford (F) shares have also been strong in the early going in the wake of the June sales figures. At last check, F was trading up better than 3% to $9.69.