DETROIT (Reuters) - Auto sales continued to show a slow but steady recovery in August, as all three Detroit automakers reported
sales gains that outstripped analyst expectations.
General Motors Co posted a 10 percent jump, as higher gasoline prices spurred sales of GM's Cruze and other compact
cars. Average U.S. gasoline prices have risen about 21 cents a gallon in the past month.
"Higher gas prices in August will lead to unseasonably strong small car performance across the industry," said
Edmunds.com analyst Jessica Caldwell.
With roughly 70 percent of the market reporting so far on Tuesday, the U.S. auto industry is on track to show an annual sales rate of 14.5 million vehicles, J.P. Morgan said. Analysts polled by Reuters forecast an annualized sales rate of 14.2 million light vehicles.