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Executives

Erich Merkle - US Sales Analyst

Ken Czubay - VP, U.S. Marketing, Sales & Service

Jenny Lin - Senior US Economist

Analysts

Brian Johnson

Rod Lache - Deutsche Bank

Colin Langan - UBS

Alisa Priddle - Detroit Free Press

Mike Ramsey - Wall Street Journal

Craig Trudell - Bloomberg News

Brent Snavely - Detroit Free Press

Ford Motor Company (F) September 2013 Sales Conference Call October 1, 2013 10:30 AM ET

Operator

Good day, ladies and gentlemen, and welcome to the Ford monthly sales call -- conference call. My name is Jackie and I'll be your operator for today. At this time, all participants are in listen-only-mode. Later we will conduct the question-and-answer session. (Operator Instructions).

I would now like to turn the conference over to your host for today Mr. Erich Merkle, US Sales Analyst. Please proceed.

Erich Merkle

Thank you Jackie. And I'd like to take a minute at the top of the call here to tell you that I've got Ken Czubay here with me in the room along with Jenny Lin, our Senior US Economist. As many of you may know from some of the releases, this is going to be Ken's last call with us, and we really, really so much value and appreciate his support.

John Felice is also here with us today to kind of listen in on the call and he will be handling the call, he will be working with us going forward and that will start next month in November for October's call. So we're happy to have John with here with us as well.

So to get things started, for the month of September, we estimate that the month will finish off at approximately 1.14 million vehicles and this translates into what we would roughly consider a mid-15 million vehicle SAAR for the month including medium and heavy trucks. This would equate to an estimated 5% decline in industry sales compared to year-ago levels, September's performance can be attributed to both the timing and the strength of the Labor Day weekend which was counted in August sales this year. Last year's Labor Day weekend was reported in September. So the better gauge of industry performance will be to review the third quarter in its entirety. We estimate that third quarter SAAR this year averaged about 16 million vehicles including medium and heavy truck. This will likely be the industry's best quarterly SAAR since the fourth quarter of 2007 which was 16.3 million vehicles. Based on this morning's estimates, we believe the September's retail SAAR came in at the high end of the 12 million vehicle range and equated to approximately 82% of total sales for the month.

When we start digging and taking a look at some of the details by segment, the full size pick-up truck segment represented what we believe is approximately 12.3% of the industry in September, compared to 11.9% last year. This translates into what we believe will be a flat year-over-year sales for the segment given the approximately 5% to 6% decline in the industry overall.

Small cars ran at about 22% of the industry last month. This was slightly less than August and down about 1 percentage point compared to year ago level. Small utilities continued their breakout in to September making up just over 15% of the industry. Again, this is approximately two full points ahead of last year. We have talked about the appeal of small utilities for baby boomers, particularly as they move into their empty-nester status and we feel that this segment should continue its strong performance through the decade as younger boomers will continue moving into the status in the years to come. So with that I'd like to turn things over to Ken and he can give you some more details about what he's been seeing.

Ken Czubay

Good morning everyone and thank you Erich. Before I start, I'd like to thank you for joining me on the call over the last five and half years. It has been an incredible journey for our industry, for Ford and for our dealers. As Erich mentioned, we estimate the industry was down about 5% in September compared to last year due to the timing and strength of the Labor Day weekend. We are pleased to report that the Ford Motor Company posted a 6% increase significantly outpacing the industry with total sales of 185,146 vehicles sold in September.

We continue to see strength coming from the newly revised Ford Fiesta. Sales last month were up 29% with 5,043 sold. Calendar year-to-date, our largest Fiesta market Los Angeles, saw a retail sales increase of 41%, while Phoenix in West was up 58%. Fiesta sales in our Dallas region were up 45% as small car sales continue to grow in Texas.

With inventories improving, Fusion sales reported a 62% increase over September of last year with 19,972 sold. This represents Fusion's best ever September sales performance. Calendar year-to-date Fusion retail sales increased in San Francisco by 78% and a little further south, 83% in Los Angeles. Miami increased by 58% continuing our sweep in the coastal regions. The majority of our competitive conquest in these regions are coming directly from the Japanese competition. We will soon be shipping Fusion's from our flat rock assembly plant which will position us even better as we move into October and the traditionally strong end of year sales period.

F series trucks continue to roll with 60,456 sold in September, an increase of 10% versus year ago levels. We have now had five consecutive months of sales over the 60,000 F series vehicle mark. The last time we accomplished a sustained level above 60,000 for five consecutive months was made through September in 2006, seven years ago. The month also represented our 26th straight month of F series sales gains year over year.

Turning to Lincoln MKZ, our sales totaled 2,874 representing a 12% increase compared to last year. This represents our best ever September performance for MKZ even with the September Labor Day weekend counted in August.

We have been benchmarking MKZ sales performance since April of this year, the point of which MKZ had an appropriate supply on dealer lots. Since this time, MKZ sales have been up 22% over the same period a year ago. Sales of MKZ Hybrid, are also taking hold representing almost two thirds of all MKZs sold in California.

That's a look at Ford and Lincoln. Now we'll turn things over to Jenny for an update on the economic front. Jenny?

Jenny Lin

Thank you Ken. Since our last monthly sales call in early September, economic conditions continue to improve at a modest pace. Manufacturing sector expanded at a faster pace and the capital goods orders and shipments are rising.

Housing sector recovery healthy and broad-based across the country. Job and income gains are positive but sub-par, interest rates low but rising. Our net -- the US economy is projected to grow in the 2% range this year. Here are some of the details.

This morning the September purchasing manager's index continued to move up around last month at 56.2%. This is a very encouraging win. Orders, production and employment are still growing.

In august, non-decent [ph] capital goods orders excluding air crafts of 7.2% compared to a year ago marking the fifth consecutive month of the year on year gains. This is a constructive development since investment spending growth signals improving gross profit in the end market. The September University of Michigan Consumer Sentiment readings was down from prior months to 77.5, primarily due to unfavorable assessment to a government policy and job market outlook. Even though the headline reading has declined, six out of 10 consumers who were surveyed believed it was still a good time to buy a vehicle.

Housing related data demonstrated that the strength in housing sector remains in place. Home prices represented by the Case-Shiller Home Price Index rose by 12.4% in July as compared to a year ago with all 20 cities covered by the index posted year-on-year increases. The pace of existing home sales growth was strong in August up over 13% compared with a year ago and new home sales grew over 12% over a year ago as well despite tight supply condition.

Finally, all this housing SAARs and permits shown good gains with increases of 19% for SAARs and 11% for permits, again on a year over year basis. The most recent full year -- full week moving average of initial jobless claims are still below historic average indicting the job market is firming, although pace of job gains of 1.7% year over year ago is stable but modest. This sort of job growth is consistent with lackluster gains in after tax income which are running at less than 1% year over year growth during July -- January to July period. One positive development is that in August, after tax income increased by 1.6% over a year ago. Strongest year on year growth since the fourth quarter of last year. While consumers spending grew by 2% in August.

Low borrowing cost and rising consumer wealth should continue to support spending growth going forward unless the US economy is projected to grow in the 2% range this year. To recap, as Erich mentioned earlier, the September total industry sales were estimated in the mid 15 meeting unit range at [indiscernible] adjusted annual rate including medium and heavy duty trucks. Our full year call for the industry sales remain unchanged in the high end of the 15.5 to 16 unit range.

With that summary, let me turn it back to Erich.

Erich Merkle

Thank you Jenny. And to take care of some housekeeping items, we'll take a look here in terms of our fleet as a percent of our total sales. So if we take a look at the month of September, our fleet, total fleet as a percent of our total sales was 27%, commercial, was 11% of our total sales, government was 5% and rental was 11%. This compares to September of last year, when our fleet was 26% of total sales, commercial was 13% of total sales, government was 5%, and the [indiscernible] was 8%. When we take a look at year-to-date, year-to-date, our fleet as a percentage of total sales was 30%, commercial was 13% of total sales, 5% was for government and rental was 12%. When we look at -- compared at the September year-to-date last year, 31% was the percent of our total sales for fleet, 14% was for commercial, 5% was for government and 12% was for rental.

Taking a look at our gross stock inventory situation, when we take a look at the September of 2013, cars 188,000 gross vehicle stock, trucks 245,000, utilities 144,000 giving us a total of 577,000 vehicles for the month. This translates into a days supply of 75. August of 2013, the previous month, cars were at 171,000, trucks at 232,000, utilities at 132,000 giving us a total of 535,000 vehicles translating into a days supply of 65. For September of 2012 last year, cars were at 114,000, trucks were at 225,000, utilities were at 111,000 giving us a total of 450,000 vehicles translating into 62 days' supply.

So with that, Jackie if we could, let`s start up some of the questions, then we'll take the first lot and focus on the analyst community.

Question-and-Answer Session

Operator

Okay, your first question comes from the line of Brian Johnson. Please proceed.

Brian Johnson

Yes, could you maybe drill down a bit sort of the competitive environment you saw for pick-up trucks as well as the overall market demand. You did better than the key competitor in that marketplace. Do you think its strength -- obviously you love your product, but beyond that, are there any one-time factors or do you think the market's beginning to vote on the competitor versus your product and coming out the way you want it.

Ken Czubay

Brian this is Ken, I don't have any comment on the competitor. We have been very, very pleased with the continuing acceptance of the F series in the marketplace. As I mentioned, its five months in a row, 60, we had two over 70,000 and I think it’s a combination of the fuel economy gains that we have, the long, long history of truck domination in the marketplace and the F series is just being recognized in all across from oil fields to the housing to the farming that it’s the most desirable truck in the marketplace. This is a period when we have heavy merchandising on trucks but it's been going on for five months and like I said, 26 consecutive months of year over year gains, so we're very pleased with the eco boost power trains that we've been talking about this year and more and more consumers are -- as I say, voting with their wallets and voting for Ford trucks.

Brian Johnson

And just following up on that, what was your incentive spend on trucks, it looks like from the industry sources that up and competitor with the newer product might be down. Does that match what you're seeing in the marketplace and if so, just end of your merchandising or is this a sell off until you supposedly launch a new truck at some point in the future.

Ken Czubay

Yes, Brian I'll take that. I think to give you a little more color, we'll take a look at Ford's overall incentive spend in relation to pick-up trucks, so if we take a look at Ford's overall incentive spend for September, it was very competitive, we were up $400 compared to last year but down $50 compared with August. Now much of that increase is from F series incentive spend, which was increased by approximately little over $300 versus last year and right now we're selling down on our 2013 model year trucks and we're transition into our 2014 model year. But on average, if you look at our incentive spend, around F series pick-up we've been incredibly consistent the entire year we've been operating in that $4,100 to $4,500 range and our average transaction price on F series remains the highest in the industry and let me add this that it was up, our average transaction price on F series were up approximately $1,300 over a year ago. So, again, it's really strong pricing on the truck part.

Erich Merkle

Yes, what I would add to that is, as I mentioned, this is a truck promotion period for us, it's always has been October, November and we are a little more aggressive, but at the end of the day, as Erich pointed out, we still have the highest transaction prices and there's just real imputed value on the Ford truck.

Operator

Your next question comes from the line of John Murphy of Bank of America Merrill Lynch.

Unidentified Analyst

This is [indiscernible] for John. I know you can't really comment specifically on what some of your competitors are doing, but are you seeing any broader competition on price or maybe just higher content packages at equal price points?

Ken Czubay

In terms of competition on price, I think when you look at -- are you speaking to vehicles, the overall vehicle line or you speaking the trucks or specifically?

Unidentified Analyst

Just in general and maybe even specifically on like mid-sized cars.

Erich Merkle

Sure, so if we take a look overall for the industry, the incentive spend compared to year ago was up about $90, but sequentially it was down about $130, so I don't know there is not much to write home about it in terms of the incentive spend for the industry it's been fair benign. But then you're also interested I think in terms of mid-sized cars. Mid-sized cars were actually down a little over $200, sequentially and down about $140 year over year.

Ken Czubay

So this is Ken, what I would add is, as you're concluding, the competition is very keen across the board and cars and SUVs and of course it's always been on trucks. The trend is, is that the transaction prices are continuing to reflect significant improvements on fuel economy, significant improvement, there are certain models are being recognized for dramatic styling increases and of course the addition of technology and when you put that together with the pent up demand and the age of the fleet, the consumers are saying, I haven't -- on average it's over 11 years, I haven't bought a new vehicle in 11 years and wow, look at the technology and wow look at the advances in fuel economy and they are willing to pay more for that. So, it’s a favorable tied rising in especially for Ford products.

Unidentified Analyst

So you mentioned that Fusion had better inventory levels, is the added capacity for Fusion helping there and could that indicate that the improved supply might be ongoing?

Erich Merkle

Yes, when you look at capacity, right now we're almost to the point where we're going to be shipping from flat rock out of flat rocks. So we're very close to that point right now. We had good sales as you mentioned on Fusion here in September and we look forward to certainly look forward to the fourth quarter.

Operator

Your next question comes from the line of Rod Lache from Deutsche Bank. Please proceed.

Rod Lache - Deutsche Bank

What it is, that's a couple of things, one is, could you tell us what your pick-up truck inventory position is in terms of 2013's versus 2014's and maybe how that might look versus the competition?

Erich Merkle

Yes, the pick-up trucks and let me get it for you in a second Rod, so we're right now 85% of our inventory, inventory and sales mix for the month of September about 85% of it was 2013 and 15% of it was 2014 which is consistent. This is where we change over just a little bit later on our trucks usually.

Rod Lache - Deutsche Bank

And also just in terms of just the broad industry sales environment, how are you thinking or how did you see the sales cadence throughout the months, how is Ford thinking about the impact of the government shut down and if that's kind of meaningful for you and if you have any thoughts on the overall industry retail versus fleets you commented on Ford specifically.

Ken Czubay

The cadence was we had a tremendous labor day, the industry did and Ford did also, up double digits. And as we always find, post labor day, whether it's in August, which is a little unusual or September which is the normal, there is the traditional back to school and things happening and there you know about a 10 day slowdown in the business, but I am very pleased to report that we had a very strong, final five days in this last weekend, notwithstanding the public awareness of what's going on in Washington was a very, very strong weekend for us. I think the biggest way to look at this, the best way to look at this is the perspective of either the last 60 days, combining August and September or taking a look at the whole quarter as Erich did in his comments and it was the strongest third quarter. So there will always be ins and outs with national holidays and we certainly need to deal with the issues in Washington, but the trend led by very strong economic foundations of the aging fleet and the recovery as Jenny has pointed out, the trends are still upwards. So we're optimistic and we're preparing for a very good fourth quarter.

Rod Lache - Deutsche Bank

So you don't see the government shut down as having any…

Jenny Lin

Any type of disruption in government operations would adversely affect directly government spending, confidence, business consumer confidence and financial markets. So we urge our government leaders to continue to work together and we remain hopeful that shutdown won't be very long.

Rod Lache - Deutsche Bank

Okay and what was the retail versus fleets for the industry. Do you have an estimate for that?

Ken Czubay

Yes, estimate, we think that the retail was in the high 12 million vehicle range.

Operator

Your next question comes from the line of [indiscernible]. Please proceed.

Unidentified Analyst

Over the year, we can get you seen 20%, even 30% increases for F series trucks. This month was the smallest increase we've seen all hear, but obviously I've heard you say its specific eight months, over 60,000 sales. So I just -- I don't know how to read that. Are we just going to start regularly seeing more difficult comps for pick-ups even though the industry is -- in pick up sales are still generally very strong or what should I read into that?

Erich Merkle

Keep in mind that we've been talking about how Labor Day weekend was counted in August this year. so you're looking at everything, when you look at the industry, we expect that industry was probably down 5%, so the fact that F series was up 10%, when you're counting your labor day weekend sales in august, as compared to September, we think is very strong, that really makes the increase that much more stronger. You are correct. We still feel very good about the overall full sized pick-up truck market, but the comps are going to become more difficult. As you remember, we had very -- the industry had very strong pickup truck sales through the end of the year last year. We expect them to continue to be very strong, but the year over year change likely won't be quite as robust as it was in the first half.

Ken Czubay

And what I would add to that is, we believe the market -- the overall industry still has growth in it for next year. We also believe that the full size pick up segment led by the economic indicators that Jenny and her team have talked about for months will still support that. The percentages are math, but we're flat out in production and we're very excited about the truck business being the dominant player that we are.

Operator

Your next question comes from the line of Colin Langan of UBS.

Colin Langan - UBS

Any estimate, is the government remained shut down for the month, what you think it might do to the sort of [indiscernible]?

Jenny Lin

No at this point, we don't know that this is blurry detail, but we do hope that this is the short lived shut down and for, we're definitely constantly monitor the business condition carefully going forward.

Colin Langan - UBS

You mentioned going through the economic data, the university in Michigan was down month over month, I know in the release, they indicated comments about pricing was not as compelling within the month. Any thoughts what maybe drove the consumers the same pricing was strong this month. Sounds like for me incentive data out there doesn’t seem to be a big shift month over month.

Jenny Lin

Yes, that's just -- I believe that's just a general comments in terms of because we industries do offer a lot of new products and therefore pricing appear to be firm, I think more importantly as that interest rate remains very low and favorable for other purchase.

Colin Langan - UBS

Okay and just one last one, any thoughts on inventory I think you indicated that's up about 13 days year-over-year, is 75 the right level or do you need to maybe [indiscernible]?

Erich Merkle

Yes, you're going to have really again it's get back to the Labor Day holiday weekend and when that was counted. So you're going to see a lot of strange stuff going on in the year-over-year comps. So the fact that labor day holiday weekend sales were counted in August this year, of course that impacts the sales year-over-year for the month of September but it also because sales of the component to days' supply, it will impact the days' supply as well. So we feel really good about where we're at right now in inventory standpoint.

Ken Czubay

And a subset of that is that we're continuing to build our truck inventory to support what we believe is the growth as Diane (ph) asked a few moments ago. And the fourth quarter is usually a traditional strong truck sales quarter. So the combination of -- as Erich pointed out, a slightly lower average selling rate because of the way the two months went together plus build up in the anticipation of the strong fourth quarter accounted for that. We're not uncomfortable with this at all.

Operator

Your next question comes from Alisa Priddle of Detroit Free Press. Please proceed.

Alisa Priddle - Detroit Free Press

Part of my question was answered on the high day supply and then sort of the reverse of that, are you still having areas where you think that you have shortages of inventory and that's affecting sales?

Ken Czubay

For the most part right now, Alisa, we're pretty much balanced. We feel pretty good about where we're at.

Alisa Priddle - Detroit Free Press

So escape is no longer considered a problem for you or as you say Fusion is coming on line?

Ken Czubay

Escape is probably a -- maybe a little tight in September but it's certainly, its improving again.

Alisa Priddle - Detroit Free Press

Okay and obviously you have enough pick-ups you think by building some of the inventory to go into the fourth quarter.

Ken Czubay

We feel good about our pick-up truck position

Operator

Your next question comes from the line of Mike Ramsey of the Wall Street Journal. Please proceed.

Mike Ramsey - Wall Street Journal

I wanted to ask about heavy duty pick-up trucks, can you give me a sense about whether the sales of heavy duty pick-up trucks are more or less of the percentage than normal? I am trying to get a sense of where the mix, if it's different now or it's all trucks or rising volumes. Just based on kind of where the mix is.

Erich Merkle

Yes, the mix is generally, you're looking at about anywhere from on the half tons, you're looking at anywhere from may be 60% to 70%, its sticks pretty close to that range Mike and the rest of course on the three quarter one tons.

Ken Czubay

It's been very consistent. I mean its within 1 or 2 percentage points, so we haven't seen a shift. We have very strong response in the south west part of the United States where a lot of economic activity is going on, but it doesn’t vary quickly looking at the data more than 1 or 2 percentage points over the last year.

Mike Ramsey - Wall Street Journal

And on the Fusion, I know that the sales were up about a point, but I just want to clarify one thing, it looked like the overall number around 20,000 you’ve had a lot higher months before, is that partly related to the selloff of the old model and then just launching the new model in September last year? That's a 20,000 is not a bad number, it’s a fine number.

Erich Merkle

I think Mike you have to put it in the context again, so as we said, we're just now starting to ship Fusions out of flat rock and the other piece of it is -- again, keep in mind that the Labor day weekend fell into August this year, so had the Labor Day weekend fell into September it probably be much different than what you're seeing there.

Ken Czubay

And I would just add, year-to-date we're up 16.5% on Fusion, so it's been solid. I think the number is a function of a shorter selling month, to less selling days, the numerical number, but the percent are still strong and we're very pleased with the best ever September.

Mike Ramsey - Wall Street Journal

Great, well I wasn’t trying to say, I think the overall number is fine. I have been saying, 62% increase is a huge --

Ken Czubay

That was a function of the launch path, but to be up and that will start normalize also but Fusion's one of the leaders, its [indiscernible] up.

Erich Merkle

And what I like about it Mike is it was our best September ever, as Ken pointed out with the Labor Day holiday being counted in August. So I think that makes it pretty powerful.

Operator

Mr. Trudel has called back on. Craig Trudell of Bloomberg News.

Craig Trudell - Bloomberg News

I had a question, just last month, Ford stepped in with some of the storms throughout the country and had a sort of relief program for customers. I wonder if anything is being considered given the shut down or if anything will be considered if the shutdown has some staying power.

Ken Czubay

Well I think to Jenny's point, we're all concerned, all business, all Americans are concerned about this. We're going to have to evaluate how long it's going to last and we'll take the appropriate measures depending on the length of the activity in Washington.

Craig Trudell - Bloomberg News

And are you concerned from a perspective of consumer confidence or can you put any sort of finer point on what sort of threat this could pose?

Jenny Lin

No, we cannot -- this is -- consumer confidence is one thing that nobody can really forecast, but I believe the consumers are aware of that, so we hope that it won't be -- we won't get into the situation like in 2011, summer of 2011. So we're hopeful that we will look passive and then the government officials will do what it needs to work together and get these results quickly.

Ken Czubay

So what I would add to that Craig is, there is always at any quirky moment, there is an in and out of what's going on in the economy and the thing to remember, I believe is, just the underlying strength of the automobile business, notwithstanding some of these events but with the age of the fleet out there and the near record, I think it may have come off a month or something like that. The age of the fleet is at historically high levels, the improvements in fuel economy, the improvements in technology the overall little bit slow recovery, but it’s still a recovery in the economy, its driving the increase in the car business even with if you remember back a couple of months ago, was the conversation about the interest rates and the questions were, what were -- what impact would they have, the reality is that the report from our great partners at Ford credit is, the average interest rate actually dropped a couple of basis points last month notwithstanding the conversations about the interest rates. So as long as the underlying economic factors are supporting the business which we believe they will through the end of this year and into '14, will get through this turbulence that nobody wants, but we'll get through this turbulence.

Operator

Your next and last call comes from Mr. Brent Snavely of Detroit Free Press. Please proceed.

Brent Snavely - Detroit Free Press

I guess I just wanted to kind of circle back, if Ford sales were up 6%, I am kind of still trying to figure out what allowed you guys to outperform, what looks like the industry performance will be. What was it pick-up truck sales or can you pin point it, and then one other question related to the government shut down. Jenny mentioned summer of 2011, was there an impact that year on auto sales in any way or was that too short lived for there to be a major impact?

Jenny Lin

Yes, in 2011 that was the debt ceiling debate. It did cause a temporary drop, a pretty big drop in consumer confidence, but I think compared 2011, we were on the way also at that time, we were on the way to recovery in terms of the auto industry sales. So, even with the consumer confidence dropping at that time, 2011 sales was still unaffected. Well it could be -- could have been better though without the temporary drop in consumer confidence. So now fast forward it to today, we believe that there are a lot of things going on in terms of positive momentum in the economy, therefore would hopeful that won't be another temporary impact to the industry sales.

Ken Czubay

Let me just put closure to your question about the composition of our business. The F series business was up 10% as we've noted. Overall trucks including Transit Connect and Econolines and things like that, they were up 8%, but the cars were up 14%. So it's very important to notice that our balanced portfolio is really paying dividend. So we're being -- we're getting the uplift from the truck business which is recovering, we talked about it on this call, but also we're getting solid recovery on the car side also in what I referenced a couple times as -- it's our term, the super segment, which are the smaller cars and small utilities, they are up 11%. So it’s a very balanced job by all of our products and including some of the new ones, I mean the SEMACs hybrid is doing a great job and the electrified vehicles had a solid month. So we're thrilled to have truck leadership and it's getting to be truck dominance but we're also supported by very, very strong car performance. So good month for Ford and Ford dealers.

Erich Merkle

And Jackie with that, we're going to wrap up the call. I appreciate everybody dialing in this month and Ken thank you for being with us on the call all these years and months. It's been -- we very much appreciate your support and thank you very much.

Ken Czubay

Thanks everybody.

Erich Merkle

Okay. Thank you everyone.

Operator

Ladies and gentlemen that concludes today's conference. Thank you for your participation. You may now all disconnect and everyone have a great day.

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