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Europe's car sales on the rise again

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The word from Europe is new car sales were up in May.

It's the ninth straight monthly increase, which is good news for the U.S. carmakers who've been watching their bottom lines suffer through the European sales slump.

There were 1.1 million new cars registered in the European Union, an increase of 4.3%.

Increased auto sales include:

·         7.7% in the United Kingdom

·         5.2% in Germany

·         17 % in Spain

Stateside’s partner, BBC Business reporter Russell Padmore, says the big reason for the uptick in sales is an "aging car fleet.” During the debt crisis, Europeans held off from buying new cars to save money. Now they can’t hold off any longer. 

*Listen to full interview above.