By Jeff Bennett
Of DOW JONES NEWSWIRES
DETROIT -(Dow Jones)- Ford Motor Co.'s (F) said Friday its U.S. retail market share jumped to about 14% in October, its highest level in three years as the auto maker's new products continued to lure buyers into showrooms.
The Dearborn, Mich.-based auto maker hasn't seen market share at this level since September 2006 when it hit 14.6%, chief sales analyst George Pipas confirmed Friday. The company's share was 13.1% in October 2008.
Ford also achieved the new number as it cut its vehicle incentives during the month anywhere from 25% to 40% compared with the same time period last year. Edmunds.com put Ford's average incentive at $2,909 per vehicle, down 25% from a year ago and 5.8% from September.
Meanwhile, General Motors and Chrysler Group LLC increased incentives as they tried to clear much of their 2009 inventory.
The figures underscore how Ford continues to benefit from new vehicle introductions combined with consumer backlash at GM and Chrysler for taking federal bailout money.
Despite achieving the 14% market share level, Ford is still far from its historic retail market share of about 22% in 1995. The overall industry continues to be rocked by the U.S. and global recessions.
Ford announced Tuesday its overall U.S. sales in October increased 3.3% to 136,583 vehicles. Its total was boosted by strong sales of its new Taurus sedan, which more than doubled from a year ago.
Auto makers sold 838,052 new cars and light trucks during October in the U.S., according to Autodata Corp. That's just 104 fewer than in October 2008, but up 12% from the previous month, when September's sales plunged following the end of the U.S. government's "cash for clunkers" rebate program.
Ford shares recently rose nearly 1% to $7.52.
-By Jeff Bennett, Dow Jones Newswires; 248-204-5542; jeff.bennett@dowjones.com
(Matthew Dolan contributed to this report.)