Despite the blustering propaganda from CNBC's Phil LeBeau, it appears the Auto-sales (and massive inventory build) party is over in America. December US domestic auto sales SAAR printed 13.46 mm - the lowest in 6 months (missing expectations of 14.15mm by the most since November 2008). With non-revolving credit growth [4]slowing in December, and inventories at record highs [5], the wheels just fell off the credit-fueled auto 'recovery'.
Car sales just tumbled:
[6]
This is the worst second-half of a year since 2008...
[7]
Which should not be a big surprise since we just suffered the lowest level of "plans to buy an auto" since January 2013:
[8]
Of course - if sales are collapsing then this is a major problem
[9]
Good luck American subprime car buyers: your time may be almost over.
