J. D. Power’s Information Network is reporting that auto sales for the first 13 days of November were down 15% versus the same period last year, according to Car Buyer’s Notebook. Compared to the disastrous results for automakers in October, when sales in the first nine days were down 33%, that’s an improvement.
But the early data reflects an increase in the sales of pickups (up 4%), SUVs (up 2%) and larger cars (up 7%). By contrast, the compact car segment is tracking down 19%.
GM, Ford and Chrysler have all just introduced year-end incentive programs, with Chrysler taking the prize for the most creative (free gas and service). (CBN) That, combined with the softening of gas prices, will likely affect sales prospects for the larger vehicles.
The J. D. Power report also indicates that Toyota has blasted past Ford in terms of market share to take the number two spot in the US market and is within one percentage point of overtaking GM.
While GM still retains the top spot with 18.8% share of the market, that is down 24% from the same period last year. Toyota now owns a 17.9% share, up from 15.4% last year. Ford is now lagging with a 15.4% retail market share. (Reuters)