Last week I was feeling pretty good about October sales. This week, not so much.
Sales over the past seven days have slowed considerably. There is not much here to go on, but this suggests that the higher sales pace earlier in the month was fed by demand for 2011 models--demand that was quickly met.
We expect the SAAR for October to end up around 11.9M. This is still a comparatively good result and hints at consumers being a bit more active than we have seen over the past year. Incentives are also down, which certainly helps automaker profitability.
Retail sales look to be 754K. (SAAR of 9.7m) Total sales will be around 920k-assuming 18% fleet.