Industry sales have held up better than expected despite a backdrop of economic uncertainty, and we think this trend will characterize all of 2001.

Comparisons to a very strong year-ago November are difficult. However, our sales remain generally healthy.

While demand is moderating, sales remain healthy on an historical basis.

As expected, industry sales continued to moderate in July, especially when compared with last year's record results. But the market is on track for the industry's third-best sales year.

Our retail sales were strong again in March and we exceeded our expectations despite another substantial reduction in daily rental fleet volume. We continue to exceed our year ago retail levels, our share continues to stabilize and our inventories remain lean.

Our September sales performance was softer than expected. However, when you consider our exceptional sales performance in July and August, lean inventories, and the competitive environment, we expected there would be some weakening in September sales.