Blockbuster Numbers Expected for November Auto Sales (F) (GM) (TM)
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U.S. automakers may get an early holiday gift, should analysts' sales expectations for November come to fruition.
Citing data from TrueCar.com, the WSJ reports Monday, sources are expecting November auto sales from companies like Ford (NYSE: F), General Motors (NYSE: GM) and Chrysler to increase a notable 11.5 percent over the same period last year. The increase in cars and light trucks would move the annual sales pace to it's highest point for 2011, from 13.29 percent last February to 13.3 percent.
Group 1 Automotive (NYSE: GPI) CEO Earl Hesterberg recently said the first three weeks of sales in November were the strongest they've been in a while, with Toyota (NYSE: TM) and Honda (NYSE: HMC) inventories improving.
Inventories at Honda and Toyota suffered following the March 11th earthquake offshore eastern Japan, which hampered supplies and production in the region.
In the second quarter sales slowed due to U.S. and global economic concerns, with auto sales falling to an 11.56 million annual pace in June.
TrueCar is expecting monthly Honda sales to increase 7 percent, topping 100,000 units in the U.S. for the first time since April. Chrysler sales are expected to be up over 38 percent, with Kia and Hyundai also having a strong month. TrueCar did not provide estimates for Ford and GM, only saying sales are expected to be higher for the month.
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Citing data from TrueCar.com, the WSJ reports Monday, sources are expecting November auto sales from companies like Ford (NYSE: F), General Motors (NYSE: GM) and Chrysler to increase a notable 11.5 percent over the same period last year. The increase in cars and light trucks would move the annual sales pace to it's highest point for 2011, from 13.29 percent last February to 13.3 percent.
Group 1 Automotive (NYSE: GPI) CEO Earl Hesterberg recently said the first three weeks of sales in November were the strongest they've been in a while, with Toyota (NYSE: TM) and Honda (NYSE: HMC) inventories improving.
Inventories at Honda and Toyota suffered following the March 11th earthquake offshore eastern Japan, which hampered supplies and production in the region.
In the second quarter sales slowed due to U.S. and global economic concerns, with auto sales falling to an 11.56 million annual pace in June.
TrueCar is expecting monthly Honda sales to increase 7 percent, topping 100,000 units in the U.S. for the first time since April. Chrysler sales are expected to be up over 38 percent, with Kia and Hyundai also having a strong month. TrueCar did not provide estimates for Ford and GM, only saying sales are expected to be higher for the month.
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