Analysts say April sales up but growth may be slowing

April sales reports should be coming out in a few hours, but the wizards of Wall Street and elsewhere have already placed their bets and made their predictions.

One of the things that has changed in the April forecasts compared to previous monthly estimates is a general consensus that the torrid seasonally adjusted annualized rate (SAAR) seen earlier this year, especially in February, was a blip, not a trend. SAAR estimates this month are more restrained: Jeff Schuster of LMC Automotive says the SAAR won’t even break 14 million. Most other analysts are looking on the low-to-mid 14 million range. That’s still an improvement, but fewer people are looking for a 15-million-sale year. That probably won’t happen until there is a solid and prolonged uptick in hiring.

Gas prices are still a hot topic even though they have been declining recently. The problem is that gas wasn’t that much cheaper last year, so the perception of high prices persists.

Honda is the one to watch this month. The second-largest Japanese automaker has mostly recovered from last year’s natural disasters in Japan and Thailand and is getting very aggressive about reclaiming lost market share. In addition to a high-visibility marketing campaign, Honda has really ramped up incentives. According to estimates from TrueCar.com, Honda increased its April incentives by eight percent over March of this year, more than any other manufacturer.

Everyone is looking for the pace of Chrysler’s sales growth to slow a bit. The smallest of the Detroit automakers has posted five months of 30-plus-percent gains; the analysts are looking for an improvement under 20 percent in April. That would still make 25 months of year-over-year sales increases.


BLOOMBERG ANALYST POLL
Analyst Representing GM Ford Chrysler SAAR
Patrick Archambault Goldman Sachs -7.10% -6.80% NA 14.2
Jessica Caldwell Edmunds.com -7.30% -6.50% 19% 14.4
Chris Ceraso Credit Suisse -12% 0.40% 15% 14.3
Alec Gutierrez Kelley Blue Book -15% -5.40% 14% 14.0
Brian Johnson Barclays Capital -8.80% -8.40% NA 14.2
Rod Lache Deutsche Bank -6.00% -12% 16% 14.2
Peter Nesvold Jefferies -8.70% -5.20% 16% 14.1
Emmanuel Rosner CLSA -6.80% -3% 13% 14.4
John Sousanis Ward’s -6.30% -6.7 14% 14.4
Joseph Spak RBC -11% -5.50% NA 14.2
Jesse Toprak TrueCar.com -10% -3.90% 18% 14.6
SAAR Forecasts Only
Alan Baum Baum & Associates NA NA NA 14.5
Adam Jonas Morgan Stanley NA NA NA 14.4
George Magliano HIS Automotive NA NA NA 14.2
Jeff Schuster LMC Automotive NA NA NA 13.8
Average -9% -5.70% 16% 14.3

Jessica Caldwell of Edmunds.com and Jesse Toprak of TrueCar.com both have more in-depth forecasts and it’s interesting to see the contrasts between the two in their April predictions. Caldwell and Toprak both have Honda outselling Nissan this month but Toprak also sees Toyota bumping Ford out of second place for the first time in almost a year.


EDMUNDS.COM SALES VOLUME FORECAST
Manufacturer Apr-12 Mar-12 Apr-11
GM 215,603 -6.69% -7.28%
Ford 176,917 -20.76% -6.54%
Toyota 174,923 -13.95% 9.64%
Chrysler 139,373 -14.69% 18.89%
Honda 123,919 -2.43% -0.71%
Nissan 79,678 -41.39% 11.40%
Industry 1,181,929 -15.82% 2.13%
EDMUNDS.COM MARKET SHARE FORECAST
Manufacturer Apr-12 Mar-12 Apr-11
Chrysler 11.80% 11.60% 10.10%
Ford 15.00% 15.90% 16.40%
GM 18.20% 16.50% 20.10%
Honda 10.50% 9.00% 10.80%
Nissan 6.70% 9.70% 6.20%
Toyota 14.80% 14.50% 13.80%


TRUECAR.COM SALES VOLUME FOREAST
Manufacturer Apr-12 Mar-12 Apr-11
GM 209,399 -9.40% -10.00%
Toyota 183,096 -9.90% 14.80%
Ford 181,898 -18.40% -3.90%
Chrysler 138,025 -15.50% 17.70%
Honda 115,105 -9.40% -7.80%
Hyundai/Kia 112,615 -11.50% 3.50%
Nissan 86,921 -36.20% 21.50%
Volkswagen 42,501 -11.80% 10.20%
Industry 1,195,809 -14.80% 3.40%
TRUECAR.COM MARKET SHARE FORECAST
Manufacturer Apr-12 Mar-12 Apr-11
Chrysler 11.50% 11.60% 10.10%
Ford 15.20% 15.90% 16.40%
GM 17.50% 16.50% 20.10%
Honda 9.60% 9.00% 10.80%
Hyundai/Kia 9.40% 9.10% 9.40%
Nissan 7.30% 9.70% 6.20%
Toyota 15.30% 14.50% 13.80%
Volkswagen 3.60% 3.40% 3.30%