Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Greg [Inaudible].
Greg [Inaudible]
First just with respect to retail sales, I think that you mentioned it was going to be down around 10% in the fourth quarter. Did I hear you right on that one?
Scott W. Wine
Yes. That’s about right.
Greg [Inaudible]
And I’m just wondering, did you notice any change throughout in terms of trend throughout the quarter? And also if I’m not mistaken I think compares get easier in November because that’s when I believe trends fell off for you last year.
Scott W. Wine
Yes, that’s exactly right. It did. In most of our product lines we did see improvements in September. Could be the end of programs and just regular seasonality but September was better than the previous months in the quarter. October as I said was still up 3% last year, so you’re right, Greg, it was November where we started to see a real decline. So we have a little bit easier comparables in November and December.
Greg [Inaudible]
And also just in terms of financing you know maybe a little bit more color on that. The last 60 days I believe things have kind of eased up for you and kind of would you expect it to maybe ease up a little bit or what are you kind of seeing out there?
Michael W. Malone
Well, I assume you’re talking retail financing, Greg?
Greg [Inaudible]
Yes.
Michael W. Malone
Yes. Yes. As the metrics showed in the speech and on the charts, the metrics are a little better in the third quarter than earlier in the year, both from an approval rate and a penetration rate perspective. It’s still tough out there. You know the credit score requirements are higher. Certainly the down payment requirements are higher than they were a year ago. This business is probably not going back to where it was you know a year or two ago. That’s the reality of this situation. But our providers and our dealers are working their way through it and you know we’re relatively pleased with the stability that we’ve seen in our retail credit business. And customers that have decent credit can still find credit to purchase our products, which is our ultimate goal.
Greg [Inaudible]
And then finally just on inventory levels, obviously down pretty substantially at the retail level, your dealer level. You know with retail sales starting to stabilize you know when would you expect them to start kind of adding to their inventories?
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