Find out more and how to subscribe. Right now what we re seeing is a significant sequential moderation in demand, which I think is going to continue into the second half of the year. We re looking for industry sales of anywhere between 16 million and 16.3 million units for this year, and I think the second half could be below that 16 million unit rate. In the context of historical demand, in the last recession in 1991 and 1992, vehicle sales bottomed around the 12.5 million to 13 million unit range. So I m in the camp that believes that if you have a job, generally you need a car, or you can buy a car.
Incentives play a big part.
Incentives have been very strong. What we re seeing is that truck sales are still holding up better than cars. The imports actually have been more active than in the past on incentives, principally because of the strong US dollar. So incentives have played a very big part. We don t have any strong buys at this point in the economic cycle.