So Far So Good For October Car Sales

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One of the bright spots for the economy, cars, continues to look OK for October.From Citi:

October SAAR Channel Checks — Our initial October channel checks point to a decent start to the month, with volume apparently running comfortably higher on a YoY basis. It’s still early, but it appears that September’s encouraging SAAR pace (13 million) is sustaining thus far in October. Importantly, incentive activity appears to be tracking slightly lower while pricing and mix also appear favourable. All in, our initial checks appear consistent with our latest thesis that: (a) The U.S SAAR may prove more resilient than recently reduced buy/sell side expectations; (b) That pickup truck mix will likely continue surprising on the upside; and (c) That overall pricing is likely to remain fairly resilient, though comps do become tougher in Q4. Our 2011-12E SAAR estimates remain 12.8/13.9 million, above consensus expectations.

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