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September Global Auto Sales Hit Record High Thanks To China's New Car Bubble

In recent months the US auto industry has been bombarded with a barrage of bad news: starting with Ford's disastrous August sales when the company admitted "sales have reached a plateau", continuing to the surge in delinquent subprime auto borrowers hitting nearly a 7 year high as the marginal creditworthy car buyers disappears, then noting the record $4,000 in industry-wide new car incentives in September as preventing a plunge in last month's auto sales, and recalling last week's downgrade of the US auto sector by Goldman which said that the US "cycle has peaked".
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