Fiat Chrysler has revealed a 12% increase in February US auto sales. The carmaker had strong gains thanks to increasing sales in its Jeep SUV and Ram truck lineups.
Sales for Jeep’s six SUV models rose a massive 23% the company said on Tuesday, matching the gain for Ram pickup trucks.
Fiat Chrysler posted its best February sales in a decade and its 71st consecutive year-over-year monthly gain.
Analysts expect Chrysler to post a 7% to 9% gain year-over-year.
A group of forty-eight economists polled by Thomas Reuters said they expected annualized February US sales to be 17.63, up from 17.4 million vehicles one year prior.
In comparison, January U.S. auto sales on an annualized basis were 17.46 million, according to WardsAuto data.
Increased SUV and pickup truck sales help boost profits at the company because they offer higher margin returns on each purchase. SUV and pickup truck sales tend to increase when the cost of gasoline falls.
Customers are also flocking to automobile sales because of relatively easy consumer credit and a generally optimistic economic outlook.
Sales of its Chrysler 200 midsize sedan fell 58% as the Chrysler brand dropped 26% despite gains for the Town & Country minivan.