The government’s “cash for clunkers” program — in which Americans could trade in used cars for up to $4,500 in credit toward a new one — could end as soon as tomorrow, if not extended. But already, tens of thousands of people have applied for the program.
This could be rare good news for Sirius XM (SIRI), the beleaguered satellite radio monopolist. Sirius gets most of its subscribers from new car sales, and as the U.S. car industry has gone south, Sirius XM has felt it.
Anything that stimulates new car sales — which often come with several-month-long Sirius XM trials — is good news for Mel Karmazin and company.
Sirius reports Q2 results on Thursday morning.
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