After July’s sales report, a lot more Americans can say they have “driven a Ford lately.” In its just-released monthly sales report, Ford said that it had its best July in nine years. Much of the strength in July can be attributed to strong sales of new vehicles from Ford including the new F-150. We like to track sales of pickup trucks as they are often most commonly purchased by small businesses and contractors. Therefore, strength in pick-up truck sales can be a sign of strength or weakness in the economy.
For the month of July, Ford recorded sales of 66,288 F-Series trucks, which represents an increase of just under 5% compared to 2014 and was the best monthly reading for July since 2006. Interestingly, we have also now seen July sales increase on a year/year basis for four straight years now.
While July sales were strong, on a YTD basis F-Series sales are down a little over 1%. For three years now, F-Series sales have been pretty consistent right at or near post-recession highs, but they’re still well off the range we saw prior to the Financial Crisis. As you can see in the chart below, there is still plenty of room for improvement.