U.S. automakers are expected to report big declines in August domestic sales despite stepped-up incentives, reports the Wall Street Journal citing a report by J.D. Power & Associates
Still, J.D. Power & Associates expects sales in the closing days of the month to improve because of GM's 100th anniversary sales event, which offers the ever-popular "employee pricing" incentive on most vehicles and cash rebates on selected light trucks.
The report, which is based on sales through August 17th, estimates sales for the month will come in at around 1.21 million vehicles, or 13.4 million vehicles on a seasonally adjusted annual rate. That is down from the August 2007 seasonally adjusted rate of 16.2 million vehicles, but up 6.3% from July.
In July, U.S. auto sales fell to a 16-year-low led by a 27% drop at General Motors.
Sirius-XM highlight that the increased penetration rate of satellite radio offset any declines in auto industry sales.
But the tailspin in auto-sales caused by high gas prices and tight credit is undoubtedly top of mind for the company as we approach the fall. With new radios over the horizon, let's see if we can gain some momentum in Holiday retail sales.
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