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BMW, Porsche, Subaru All Post Sharp Sales Increase In October

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On: Wed, Nov 3, 2010 at 10:21AM | By: Sherry Christiansen

BMW, Porsche, Subaru All Post Sharp Sales Increase In October

Subaru, BMW and Porsche posted sharp increases in October U.S. auto sales today as manufacturers appear poised to report a solid month. Analysts are saying that the October seasonally adjusted annual selling rate (SAAR) is expected to be the highest since the falsely inflated automotive sales numbers that occurred during the government Cash- For-Clunkers program that offered $3 billion in buying incentives in September of 2009.

According to AutoData Corporation; “The average of nine analysts' estimates compiled by Bloomberg is a SAAR of 11.9 million, slightly higher than September's 11.8 million. Excluding sales volume for September of 2009; 11.9 million is the highest sales reported by the automotive industry since September of 2008." Due to Election Day, many manufacturers have delayed the release of October sales numbers, but others such as BMW, Porsche, and Subaru have already posted huge gains in last months’ auto sales.

BMW Group reportedly sold 23,248 units, including BMW and Mini models last month, an increase of 13% from last October’s posting.

Subaru had 22,720 sales in October which is up 25% since October of 2009. According to senior analyst at Edmunds.com; “Subaru's consistent success over the past three years is not only a testament to their product line-up and customer loyalty, but also an indicator of how well positioned they are as the industry starts to recover.”

For Porsche, October revealed a 61% hike in sales to 2,647 units. The German Automaker shows a total of 20,337 units which is 28% higher than 2009 sales.

Other luxury sports models, Land Rover and Jaguar showed a 40% increase from a year ago.

The significance of the recovery of the auto industry is enormous as it is the first indicator that the economy is improving. According to Edmunds .com CEO, Jeremy Anwyl, car buyers are beginning to exhibit a “slow but steady willingness to buy new vehicles.”

Slow recovery is the defining word as the auto industry continues to be about 30% slower than sales reported back in 2000 through the year 2007 when 16.8 million units were considered average. “The business is moving from 2010s being sold at big discounts to 2011s sold at a premium,” said Anwyl. “The 2011s are doing OK, so there is some indication that consumers are willing to pay more for the newer models. They're hesitant but feeling a bit better.”

Forecasted sales for Ford Motor Co. are anticipated to show a 14% increase according to an average of 6 analysts. Chrysler Group is expected to post a 41% rise in sales and GM may report an actual decline of 6% according to TrueCar.com.

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