U.S. Car Sales Revenue Fell In September--TrueCar

Revenue from new U.S. vehicle sales fell to $47 billion in the month of September, down 0.3% from a year ago, according to TrueCar Inc. The decline comes as higher incentives, amid expectations of lower sales, offset a 2% increase in average transaction prices. The average price for a new light vehicle was $33,090 in September, while average incentive spending by car makers rose $245 to $3,387 per vehicle, which raised the ratio of incentive spending to average transaction price (ATP) 0.5 percentage points to 10.2%. "Going forward TrueCar is keeping a close eye on incentive spending as a percent of ATP which exceeded the 10% level for the second straight month," said TrueCar analyst Eric Lyman. "We expect this figure to drop as the sell down of 2016 model year vehicles is completed in Q4." Shares of General Motors Co. hve lost 6.6% year to date and Ford Motor Co.'s stock has shed 14%, while the S&P 500 has gained 6.1%.