Ford: June Could Be Best Month For US Auto Industry Since Sept
29 Juni 2009 - 8:33PM
Dow Jones News
June could be the U.S. auto industry's best month since sales
began their freefall last fall, Ford Motor Co.'s chief sales
analyst said Monday.
Bouyed by fewer jobless claims and improved consumer confidence,
the annualized sales rate in the U.S. could hit 10 million this
month for the first time in 2009, Ford analyst George Pipas told
reporters.
Deep discounts being rolled out as dealers and brands going out
of business also likely helped bolster sales, he said.
Those factors suggest "the worst is behind us," Pipas said.
"Even if sales fail to hit the 10 million milestone, we're still
not slipping back."
Pipas predicts the industry's seasonally adjusted annualized
sales rate, or SAAR, will come in around 9.5 million for the first
half of the year.
Major auto makers report June U.S. sales results on
Wednesday.
Pipas expects Ford, working to capitalize on its status as the
only U.S. auto maker not living on federal funds, will report a
June sales slide narrower than 20% from a year ago, which he said
could be the industry's narrowest decline.
The U.S. industry has been clobbered by declines greater than
30% every month starting October when the meltdown on Wall Street
sent auto sales spiraling to multi-decade lows.
Pipas said June sales got a boost as hundreds of Chrysler Group
LLC dealers being forced out of business by the auto maker raced to
offload inventories.
Sales of General Motors Corp.'s Pontiac brand, going out of
business as part of the auto maker's restructuring, also comprised
a greater share this month, he said.