New York 03/04/2012 - US new car and light truck sales came in slightly below expectations in March but remain near a four year high due to robust demand for fuel-efficient cars.

Light vehicle sales were at a seasonally adjusted annualized rate (SAAR) of 14.37 million in March, down 4.4 percent from the 15.03 rate last month and missing the forecast of a 14.7 million SAAR.

Nevertheless, it was the second strongest month since January 2008 as the automotive sector continues to fuel the US the economic recovery.

Leading the way was the Chrysler Group, which reported US sales of 163,381 light vehicles in March, a 34-percent increase on the same month of last year.

The company, which is owned by Italy’s Fiat SpA, has now recorded 24 consecutive months of year-on-year sales gains and 10 straight months of 20-percent sales increases.

Sales also rose 39 percent in the first quarter, the best total since the first quarter of 2008, the company added.

“The combination of credit availability, an improving economy, pent-up demand and even high fuel prices encouraging people to acquire newer more fuel-efficient vehicles are all helping to drive industry sales,” Reid Bigland, president and CEO of Dodge and head of US sales, said in a statement.

Meanwhile, Ford Motor Co sold 223,418 vehicles, a five-percent gain from the year-ago month and 26 percent higher than February’s total. The growth rate was in line with the Edmunds.com forecast of a 4.8 percent year-on-year increase.

For the first quarter, Ford's sales were up nine percent at 539,247 vehicles sold.

General Motors Co reported March sales of 231,052 light vehicles in the US, up 12 percent on the same month of last year and 10 percent on the February total.

But the company missed Edmunds.com forecast of 21-percent growth due to the relatively poor performance of the less efficient Buick and Cadillac brands, sales of which fell 16 percent and 13 percent respectively from March 2011.

Toyota Motor Sales USA reported sales of 203,282 vehicles in March, an 11.2 percent year-over-year gain, while Honda Motor Co. sold 115,833 car and trucks, marking a 7.7 percent decline.

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