Auto Sales Cruise Ahead in October

On Tuesday major auto manufacturers indicated that their October sales rebounded significantly following a weak September.

The increase to the US annualized sales rate was nearly 20 percent better than September’s measure. Early estimates show the bump adding $5 billion, or roughly 1.5% to October’s retail sales numbers versus September’s readings.

It now appears as though consumers no longer needed cash-for-clunker rebates to commit to new auto acquisitions in October.

GM, Ford and Nissan all reported that their sales are now up from a year ago.

Jessica Caldwell, senior analyst at auto industry tracker said, “We are trending in the right direction,” and “it should be easier for auto companies to report year-over-year growth from this point on.”

Ford — which reported a strong profit on Monday — claims that increased production in October will help to replenish diminished supplies on dealer lots. Further, Ford sales management points to strong restocking demand through the end of 2009.

Leave a Reply




You can use these HTML tags

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>