U.S. new car revenue is expected to reach a record $58 billion for December, up 15.4% year-over-year, according to TrueCar Inc. [s:true]. December is the 24th consecutive month of record revenue for the car industry, TrueCar said in a Tuesday release. The average transaction price was more than $34,000, a first, said Stacey Doyle, senior industry analyst at the auto sales information company. General Motors Co. had the highest revenue for the month with $11.6 billion. "Looking ahead, automakers are in an excellent position to kick off 2016," said Eric Lyman, TrueCar's vice president of industry insights. "Interest rates remain low, the employment outlook is strong and millennials continue to enter the market in greater numbers, supporting our expectation of 18 million new vehicle sales this year."
Copyright © 2016 MarketWatch, Inc.
Continue Reading Below