US auto sales- who needs holidays August SAAR is 17.7 MM - EconoTimes
The August LV selling rate (SAAR) came in at 17. 72MM (+1. 6% YOY) vs consensus of 17. 3MM and well above the 6-mth run rate of 16. 99MM. Abs sales were only down 60 bps y/y, a strong performance considering the August 2014 sales figures INCLUDED... Retail continues to be the driving force, with comments from Ford pointing to an Aug retail sales rate of ~15. 0 mln, flat vs July but well above the YTD run-rate of 13. 8 mln. Pickups were front-and-center this month, with industry pickup mix coming in at 12. 6% this month, above the year-ago level of 12. 0% and the typical August mix of ~12. 5%. From a mkt. share perspective, Ford (including Superduty) came in at 33. 7%, up 20 bps sequentially and vs the 2Q run-rate of 32. 4% (F noted it gained 100 bps of retail share vs July). The m/m uptick came despite virtually flat absolute dealer stocks of F-150s, which ended August at 90k, or ~55 days'-supply (still well below the 85-90 days' we would consider normal). About 80% of F-Series sales were to retail customers (retail pickup sales up ~20% S/D adj. However, we note that K2XX production is running at 1. 22 mln as of July, with inventories likely below the normal level of 85-90 days' (~75 days'-supply on a trailing 3M DSR at Julyend for pickups and SUVs, with GM's. Source: www.econotimes.com
