2014 U.S. Car Sales Hot Summer Pace Cools a Bit in September

Detroit October 1, 2014; Bernie Woodall and Paul Lienert writing for Reuters reported that U.S. auto sales in the third quarter were the best in eight years, but mixed September results from leading automakers on Wednesday indicated the industry's torrid summer pace is slowing.

Industry sales in September rose 9 percent, to 1.24 million vehicles, according to research firm Autodata, just missing expectations of nine analysts surveyed by Reuters. The annualized sales rate slowed to 16.4 million, according to Autodata, above last year's 15.4 million, but well below the 17.5 million pace in August.

"The rate of growth in industry sales is beginning to moderate," Ford chief economist Emily Kolinski Morris said on a conference call. "We are getting closer to what would be a likely plateau in terms of the industry sales pace."

General Motors Co, Fiat SpA's Chrysler Group, Toyota Motor Corp, Honda Motor Co, Nissan Motor Co and Hyundai Motor Co all reported year-to-year sales gains on Wednesday, but Ford Motor Co (F.N) said sales fell slightly from a year ago. And while Toyota's and Honda's sales were up, both companies missed analysts' forecasts.

Third-quarter sales were "the best for the industry since 2006," said Bill Fay, Toyota division group vice president and general manager.

In September, Ford sales fell 3 percent, to 180,175, as the automaker slowed production of the F-150 pickup truck, the best-selling vehicle in America, to prepare for the launch of the redesigned 2015 model. Analysts surveyed by Reuters expected a similar decline.

F-150 sales dipped 1 percent, with Ford's small cars and crossovers showing bigger declines. Ford's Lincoln brand jumped 13 percent, bolstered by the new MKC compact crossover.

GM sales increased 19 percent, to 223,437, about what analysts predicted. The automaker's full-size Chevrolet Silverado and GMC Sierra pickups soared 47 percent to 66,939. GM's premium Cadillac brand was flat.

Chrysler said sales rose 19 percent, to 169,890. Analysts expected a 17 percent rise. Its Jeep and Ram brands were up 47 percent and 35 percent, respectively, but sales of Jeep Grand Cherokee fell 14 percent.

Toyota sales increased 2 percent, to 167,279, but analysts had forecast a 7 percent gain. The company said SUVs and crossovers helped to drive its results. Toyota's premium Lexus brand was up 7 percent.

Honda sales were up 7 percent, to 118,223, versus analysts' expectations of a 15 percent hike. The mid-size Accord sedan helped drive sales, with a 25 percent gain, but Civic sales dropped 7 percent. Honda's premium Acura brand was up 14 percent.

Nissan sales climbed 19 percent, to 102,955. Analysts looked for a 15 percent increase. The company's premium Infiniti brand fell 13 percent, while sales of the Nissan Leaf electric car jumped 48 percent.

Some analysts were concerned that generous consumer deals, including hefty discounts, low lease rates and zero-percent financing, are stealing demand from the future.

Jessica Caldwell, senior analyst at Edmunds.com, the car shopping website, had a different take: "Automakers have struck the right chord by putting more emphasis on leases and opening credit to a larger cross-section of buyers. Expect the same trends to continue through the end of the year."

On Tuesday, reports showed U.S. consumer confidence fell in September for the first time in five months, and home prices in July rose less than expected from a year earlier, underscoring the unsteady nature of U.S. economic growth.

Editing for Reuters by Jeffrey Benkoe and Matthew Lewis

September 2014 US Auto Sales Scoreboard From AutoData

	Sep 2014	% Chg from Sep'13	YTD 2014	% Chg from YTD 2013
Cars	580,260	2.3	6,046,659		1.3
Midsize	260,003	0.4	2,755,278	-1.6
Small	228,261	3.9	2,423,924		4.2
Luxury	91,662	3.8	864,607		2.9
Large	334	-35.0	2,850	-4.2
Light-duty trucks	665,746	16.5	6,384,646		9.8
Pickup	192,998	18.5	1,686,837		4.4
Cross-over	290,384	20.2	2,874,536		14.0
Minivan	67,318	7.5	684,586		10.4
Midsize SUV	61,138	3.0	608,998		3.0
Large SUV	20,306	21.9	212,169		15.6
Small SUV	18,464	18.1	182,100		11.4
Luxury SUV	15,138	17.6	135,420		12.4
Total SUV/Cross-over	405,430	17.1	4,013,223		12.1
Total SUV	115,046	10.1	1,138,687		7.6
Total Cross-over	290,384	20.2	2,874,536		14.0

September 2014 Top 20 Vehicles Sold in U.S.

	Sep 2014	% Chg from Sep '13	YTD 2014	% Chg from YTD 2013
Ford F - Series PU	59,863	-1.0	557,037	-0.4
Chevrolet Silverado PU	50,176	54.4	382,153		5.9
Dodge Ram PU	36,612	30.1	319,868		21.7
Honda Accord	32,956	30.9	304,382		7.9
Toyota Camry	28,507	-10.6	334,978		5.0
Honda CR-V	23,722	10.6	241,015		5.2
Toyota RAV4	22,724	42.7	202,069		26.1
Honda Civic	22,263	-3.1	253,430	-0.1
Ford Escape	21,718	-3.9	230,162		0.8
Ford Fusion	21,693	8.6	240,585		6.3
Nissan Altima	21,675	2.1	256,935		3.0
Toyota Corolla / Matrix	20,530	-11.7	258,805		10.8
Hyundai Elantra	18,848	-4.3	176,403	-9.3
Chevrolet Cruze	18,415	44.7	208,114		6.3
Chevrolet Equinox	17,266	11.8	184,805	-0.3
Nissan Rogue	17,229	51.8	154,568		24.0
GMC Sierra PU	16,763	24.7	147,289		8.6
Ford Explorer	15,795	5.5	158,652		8.7
Ford Focus	15,397	-8.0	176,156	-6.6
Chevrolet Malibu	15,186	4.8	148,574	-4.1