Chrysler February Sales Up 12% on Jeeps, Ram Pickups

Year over year, sales rose 12% at Fiat Chrysler Automobiles N.V. (NYSE: FCAU) in February to 182,179 units, the company’s best February sales level in 10 years. The Jeep brand posted a sales gain of 23% year over year, its best February sales ever. The Jeep Compass posted a sales gain of 54%, the Patriot gained 3%, the Cherokee posted a monthly sales gain of 7% and Grand Cherokee sales rose 12%. Four Jeep models, the Cherokee, Compass, Wrangler and Patriot, posted their best February sales month ever.

Analysts at Kelley Blue Book (KBB) had projected February sales at 181,000 units. KBB analysts also reported that Chrysler’s average transaction price last month was $34,674, up 0.4% compared with the average price in January and up 4.8% year over year for the month.

The company’s Jeep brand sold 68,228 units in February. Jeep has now set a sales record for 29 consecutive months. The all-new Jeep Renegade sold 6,757 units in February and has moved a total of 13,119 units in the first two months of 2016.

Ram pickup sales rose 23% in February to 38,555 units, after posting a sales gain of 5% year over year in January. Last year, Ram sold 31,298 pickups in February. Ram pickups posted their best February sales ever this year.
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Year-over-year sales of the company’s Chrysler brand fell 26% as sales of the Chrysler 200 tumbled 58% year over year in February to 6,597. Sales of the Chrysler 300 rose 10% to 4,809 units, the model’s best February sales level in three years.

The company’s Dodge brand sales rose 12% year over year in February, the best since February 2014. Sales of the Dodge Caravan rose 95% to 12,262 units in February.

Chrysler projected a seasonally adjusted annual rate (SAAR) of sales in the United States from all manufacturers at 17.9 million units for 2016. The KBB SAAR estimate also calls for unit sales of 17.9 million this year.

Fiat Chrysler ended the month with an 88-day supply of inventory, down from 103 days of supply at the end of January.

Chrysler’s shares traded up about 4% in Tuesday’s premarket session to $7.13, having closed at $6.85 on Monday. The current 52-week range is $5.78 to $11.24.