Sales of light vehicles in May exceeded expectations (16.7 mil. vs. 16.1 mil.) and rose by 8.4% from their year-ago level. Vehicle sales are now up over 85% from their recession low—recording 12.5% annualized gains in the past five years—and are very close to regaining their pre-recession level (sales averaged about 17 mil. units a year from 2000-2006). This is quite impressive.