Car Sales Recover From Clunker Chaos; Edmunds.com Sees 8.9 Million SAAR in September
September 09, 2009
The closely watched Seasonally Adjusted Annual Rate of sales for September to date is approximately 8.9 million vehicles, according to Edmunds.com calculations. Of the vehicles sold so far this month, 3.6 percent are "holdover" Cash for Clunkers orders that are being delivered.
The August SAAR at 14.1 million, was the highest of the year due to the government's Car Allowance Rebate System (CARS) program, known as Cash for Clunkers. Much concern has been expressed about how long and severe the Cash for Clunkers hangover would be.
"The industry is still experiencing a depressed level of sales, but we're seeing modest improvement from week to week," said Edmunds.com CEO Jeremy Anwyl. "Soon we should surpass the level that the industry was at before Cash for Clunkers launched."
The first two weeks of September is looking a tad better than predicted. Edmunds.com had forecast an annualized sales rate of 8.4 million for the first two weeks of the month, pulling the entire month to a sub 9-million SAAR.
|
|
SAAR |
Clunker Sales as % of Total Sales |
|
August 25-31 |
8.3 million |
6.4% |
|
September 1-5 |
8.9 million |
3.6% |
Source: Edmunds.com
Posted by Michelle Krebs at 12:56 PM under Analysis | Comments (0) | digg this | Seed Newsvine
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