J.D. Power sees no auto rebound soon

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J.D. Power sees no auto rebound soon
« Thread Started on Dec 8, 2008, 9:05pm »

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J.D. Power sees no auto rebound soon
Posted: 05:59 PM ET
By Chris Isidore
CNNMoney.com
NEW YORK (CNNMoney.com) — Weak auto sales are likely to continue through the first quarter of 2009, according to a new forecast from respected industry consultant J.D. Power and Associates.

That could create further problems for the struggling U.S. automakers, even if they get the federal loans now being considered by Congress.

Tom Libby, senior director of industry analysis for J.D. Power & Associates, said his firm is now forecasting a seasonally adjusted annual sales rate of about 10.5 million vehicles for December and between 10.9 million and 11 million in the first quarter of next year.

“Our position is there is no reason to believe that the first quarter of 2009 will be any better than the fourth quarter of 2008,” said Libby.
The plan submitted to Congress last week by General Motors forecasts significantly stronger sales in December and somewhat stronger first quarter sales than in Power’s new estimates.