Edmunds.com said the annual sales rate for new vehicles in
September will be little changed from August, with the auto
research firm saying the industry lacks momentum.
"Despite some noteworthy new car introductions, auto sales are
stagnant right now," said senior analyst Jessica Caldwell. "Auto
makers seem to have accepted the current sales rate; most seem
reluctant to invigorate the market through traditional incentives
programs or unload significant levels of inventory as fleet
sales."
Sales are one-third less than what the auto industry was
recording several years ago. As such, the segment has slashed
production and undergone a sharp restructuring, especially among
the three U.S.-based auto makers, two of whom went through
bankruptcy reorganization last year.
Edmunds anticipates the September annual sales rate being 11.47
million vehicles, compared with August's 11.44 million.
Total sales are projected to be up 28% from a year ago, as
purchases slumped last year after the Cash for Clunkers program
concluded.
Meanwhile, all of the major auto makers Edmunds makes
projections on are expected to see sales declines from August, with
Nissan Motor Co. (NSANY, 7201.TO) and General Motors Co. seeing the
biggest declines, at 9.5% and 7.1%, respectively. Edmunds expects
Ford Motor Co. (F) to post the smallest sales decline, down 2.6% in
September from August.
Earlier this month, Edmunds said car buyers had flocked to
dealerships over Labor Day weekend, but as soon as the holiday
period was over, car-buying activity dropped sharply. Auto sales
had been boosted recently by strong demand.
-By Nathan Becker, Dow Jones Newswires; 212-416-2855;
nathan.becker@dowjones.com;