US auto sales should continue their growth in October image

Just a few hours from now we’ll know if analysts, executives and industry observers were right – with a Reuters poll putting the US auto industry on a moderate ascension path.

According to analysts, the second-largest auto market should see deliveries up 5.7% last month, continuing to fund the recovery that has lifted sales this year near pre-recession levels. According to the industry observers, the primary gains would be heading towards the Chrysler Group and Nissan brands. With US auto sales each month being one of the most important early signs on consumer spending, we are eagerly awaiting for the automakers to release their delivery figures for October later on today.

Reuters polled 12 analysts, with their consensus being that the seasonally adjusted annualized rate (SAAR) of October sales would hover around the 16.3 million mark – with the most optimistic putting it at 16.5 million. Another Thomson Reuters poll that voiced the opinion of 28 economists put the average at the 16.5 million mark, with forecasts ranging for the SAAR figure between 16.3 and 16.8 million. According to John Kracik, president of industry consultancy TrueCar, the industry has lifted its gains even as incentive spending from the same period during 2013 has dropped 12% and the figures could lead to the best October sales since 2004.

Via Reuters