This Year, MINI stressed the sequential over the y-o-y as I suspected they would.

Q3 2009: 56.9% utilization.
Q2 2009: 59.5% utilization.

Q3 2008: 74.8% utilization
Q2 2008: 75.4% utilization.

Q3 2007: 79.4% utilization.
Q2 2007: 78.8% utilization.


Three important things:

1) SEQUENTIAL (Q2 to Q3) occupancy fell more in 2009 than in 2008, 2.6% in 2009 v. 0.6% decline in 2008. Based on this fact, one could conclude utilization is falling faster now.
2) Year-Over-Year occupancy fell 17.9%!!
3) No seasonal uptick. This sets up for a bad 4Q, surely why Bunger got out in the $17s.

My short trade has worked nicely so far, I am now getting shorter.