Vehicle sales had another great month, surging 18 percent on demand for smaller cars such as the Chevy Cruze.
GM also reclaimed the title of largest US car maker after Ford took that title briefly during March. GM sales rose 27 percent for the month.
Consumers flocked to smaller cars as gas price rose to almost $4/gal.
Hyundai and Kia saw sales skyrocket by 40 and 57 percent, respectively while Toyota and Honda saw smaller gains of 1 and 10 percent, respectively.
Cars are selling at a rate of 13 million a year, and some analysts say pent up demand is helping to bring consumers into the dealership. The average age of a car on the road is at an all-time high of over 10 years, said The New York Times.
But by June, car prices will undergo a temporary increase due to parts shortages and prices will go up. The tsunami in Japan is the culprit.
AOL reports that Japanese automakers say the shortages will last through the year. Prices are already starting to rise. TrueCar.com says the price of a Lexus RX450 will spike by $1,011 by May 8, up 2% in just seven days. The Lexus IS 250 is expected to go up $750 in the same time period. Lexus may be sold out of vehicles by the end of May.
Source: The New York Times, AOL Autos
