SiriusXM Radio has increased its forecast for subscription growth by 200,000 accounts. The company now expects to finish the year with net subscriber additions of 1.45 million, which would bring total subscribers to 27 million.
The increased guidance can be attributed to "this summer's strong new car sales," said chief executive Jim Meyer in a statement. August in particular was a great month for auto sales. According to WardsAuto, light vehicle sales of 1.58 million exceeded the 1.51 million forecast and the seasonally adjusted annual rate of August light vehicle sales was 17.45, a 103-month high.