Auto sales could show a spike when September sales data comes out tomorrow morning ( Oct. 3) , analysts are predicting.
An estimated 1,038,052 new cars will be sold in September for a projected Seasonally Adjusted Annual Rate (SAAR) of 12.9 million light vehicles, forecasts Edmunds.com.
According to Bloomberg, for the first time after the deathly earthquake and tsunami that occurred in Japan on March 13, Japanese automakers Honda Motor Co Ltd and Toyota Motor Corp will finally have enough inventory to compete in the market and both will show gains in September market share.
September results “should be the cleanest number we have seen since April,” without the Japan earthquake impact, said Peter Nesvold, an analyst with Jefferies & Co on a conference call on Thursday.
Worldwide output at Japan’s biggest automaker climbed 10.6 per cent from a year earlier to 626,817 vehicles. Production rose at both domestic and overseas factories, especially in South Africa, Australia, Asia and Europe.
TrueCar.com sees Ford (F), Toyota (TM) and Honda (HMC) gaining market share in the month, with General Motors (GM) and Chrysler seeing share declines.
However, concerns about the economy and financial markets are further delaying purchases put off during the recession and early recovery, Jeff Schuster, executive director of global forecasting at J.D. Power & Associates, said at the time.
Other analyst said:
“Many people are just simply too afraid of the uncertainty,” he said. He advocated for more use of job-protection incentives such as the original Hyundai Assurance program to give consumers reasons to buy.