Sirius XM Radio investors are well aware of the importance of the OEM channel to satellite radio subscriptions. In the first 6 months of 2010, roughly 935,000 cars were sold each month. This number falls within the guidance offered by Sirius XM, but the second half will need some robust numbers if there is a chance at seeing 12 million cars sold.

One thing helping to boost car sales has been incentives that are attractive to consumers. July still has some 0% deals out there, but the incentives do seem to be tapering off slightly. With inventory levels as low as they are, the OEM channel is not as pressured as they have been in the past to offer across the board deals. Here are the incentives for July.

GM, Chevrolet, GMC incentives July 2010 (Includes Chevrolet, GMC, Buick, Cadillac, HUMMER, Pontiac, Saturn, Saab) - Up to $5,000 cash back and 0% financing on many 2010 models. Up to $6,000 cash back on some 2009 models with 0% financing. GM delivers point of sale promotional subscribers to Sirius XM, meaning that when the car is sold, Sirius XM garners a subscription. GM is offering perhaps the most aggressive incentives in July.

BMW incentives July 2010 - 0.9% to 3.9% financing for up to 36 months. Up to $4,500 cash back on some models. Hidden dealer incentives of up to $12,500. BMW has been a satellite radio partner for quite some time. Sales of BMW's this quarter were likely already counted as subs because these cars would have been manufactured last quarter.

Chrysler, Dodge incentives July 2010 - Cash rebates up to $4,000 on most models. 0% financing up to 72 months. Hidden dealer incentives of up to $5,000. Like BMW, Chrysler cars with satellite radio are counted at production. Chrysler offers 1 year subscriptions.

Ford incentives July 2010 (Includes Ford, Lincoln, Mercury) - 0% financing on most models. Rebates as high as $5,000 on some 2010 models. Ford delivers 6 month subscriptions at production.

Honda incentives July 2010 - 0.9% to 2.9% financing on some models. Hidden dealer incentives of up to $2,500 on some 2009 models. Honda delivers subscribers at the time of sale. Honda has trimmed back on incentives for July.

Toyota incentives July 2010 - 0% to 3.9% financing on most models, rebates as high as $2,000 depending on region. Hidden dealer incentives up to $4,000 on some models. Toyota has been hit by sales troubles since their recall earlier this year. The company has fallen behind Ford, and Toyota's sales numbers in June were not as impressive as they could have been. Toyota sales count as subscribers only after the trial period and if the consumer elects to become self paying.

Nissan incentives July 2010 (Includes Infiniti) - 0 - 4.9% financing on some 2010 models. Up to $5,000 rebates on some models. Nissan saw a hard hit in sales last month. Their incentives are not as aggressive as others. The company's June sales were down substantially from May, when Nissan was offering better deals. Nissan subs are "trailing" similar to Toyota.

Mercedes Benz incentives July 2010 - 1.9% financing for up to 36 months on some models. Good deals, but not spectacular. Mercedes Benz offers 3 months of satellite at the point of manufacture.

Satellite radio investors want to see a balance between sales and production. Auto sales of about 1 million cars per month allows Sirius XM the latitude to deliver positive metrics across the board.

Position - Long Sirius XM Radio