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Edging into a 10M vehicle annual sales rate.

July 1, 2009

Analysis of:Auto Sales Rate On Track To Break 10-Million Mark | www.marketwatch.com

While we are seeing the annual sales rate of vehicles in the U.S. approach 10M, this is not a sign that the industry has turned around. The dealers of TARP-subsidized manufacturers have been selling off excess inventory at a loss as credit rules and floorplans change. Until inventory levels-off and plants come back online, we will not see the positive effects in employment in the auto industry. Until employment picks up, consumer spending can't happen. I am positive about the housing market showing a little progress. This will help revive the auto industry. I see positive gains for Hyundai and Kia as they are making quality products and are working creativly with the buyers. I also believe the fleet leasing and rental companies will soon have no choice but to start placing large orders as their existing fleets age.

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