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September Sales Tank from Clunkers Payback

It’s ugly with a 7.5 million SAAR, lowest of the year.

by on Sep.24, 2009

September new-vehicle retail sales are expected to come in at a mere 590,000 units, which represents a seasonally adjusted annualized rate (SAAR) of  just 7.5 million units, according to J.D. Power and Associates, which gathers real-time transaction data from more than 8,900 dealers across the United States.

“Low inventories and reduced incentives, combined with the effects of CARS pull-ahead sales, spell tough conditions for September,” said Gary Dilts, senior vice president of global automotive operations Power.

“September’s retail SAAR is projected to be the lowest selling rate in 2009. However, improving consumer confidence and credit conditions in the months ahead are likely to help to rebuild the retail industry,” he said.

 

U.S. New Vehicle Sales and SAAR – September 2009

 

September 2009 (1)

August 2009

September 2008

September 2008 %

New Vehicle Retail Sales

 590,000  1,142,876  740,883

-24%

Total Vehicles

 710,000  1,259,708  962,097

-29%

Retail SAAR

 7.5 m  11.8 m  8.8 m  

Total SAAR

 9.2 m  13.8 m  12.5 m  
J.D. Power and Associates  (1) Figures cited for September 2009 are forecasted numbers based on the first 16 selling days of the month. (2) The percentage change is adjusted based on the number of selling days – 25 days vs. 24 days one year ago.

It is now clear that 2009 will be a write off for what remains a financially challenged industry. Of particular concern for U.S. taxpayers is the health of the newly reorganized Chrysler Group and General Motors Company.

We Have Numbers!

We Have Numbers!

Both companies were driven into bankruptcy earlier this year because of sales that were far above current levels. Since neither company is reporting financial results, it is impossible to know if the roughly $60 billion invested by taxpayers is a reasonable investment or just delayed their demise.

(more…)