AP reports a top Ford (NYSE:F) executive says annualized industry sales may have hit 13 million in August. With automakers scheduled to report monthly sales on Tuesday, the cash for clunkers program, which ended Monday, is expected to offer a much-needed lift for the industry.
According to Goldman Sachs (NYSE:GS), the annualized selling rate for the auto industry in August is expected to be about 15.5 million. If the sales figures are right, that would be a 16% improvement y/y, and nearly a 40% increase from July.
Cash for Clunkers, which the Transportation Dept says prompted almost 700K sales at a cost of nearly $3 billion, helped spur the first industrywide increase in auto sales in more than two years this month.
Mark Fields, Ford’s president of the Americas, says Ford Motor has already surpassed August sales last year with a weekend still to go. As one of the program’s top gainers, Ford is expected to see a 37% increase in sales for August.