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.

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.

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.

We never find a comfort level when sales are down, but it's important to keep in perspective that as the calendar year progresses, industry moderation is expected. The sales environment is still very encouraging and we are committed to maintaining our market momentum, particularly with our core products.