February auto sales forecast cut to 15.5 million pace, LMC says

DETROIT (Bloomberg) -- LMC Automotive reduced its estimate for U.S. auto sales in February after retail transactions last week were weaker than anticipated, Jeff Schuster, senior vice president of forecasting, said in an e-mail.

LMC now projects an annualized selling rate, adjusted for seasonal trends, of 15.5 million, down from an earlier estimate of 15.7 million.

Retail sales, those to individual consumers, didn't snap back as much as expected, Schuster said.

Sales may increase only about 1 percent, leaving automakers at risk of carrying too much inventory.

Tags: Sales Retail SAAR