BMW offer one-year subscription of the "Sirius Everything" package with every new model year 2011 BMW Mini

Sirius XM shares are spiking to a new 52-week high today after Edmunds.com said the number of new car sales in the U.S. will reach the highest level of the year this December.

Yesterday the satellite radio company announced it has teamed up with BMW to offer an introductory one-year subscription of the "Sirius Everything" package with every new model year 2011 BMW Mini and several of its new motorcycle models.

Sirius investors are bullish on the partnership news as the auto market is expected to boom.

Edmunds expects to see about 1.1 million new auto sales in December, up 30.4% from November 2010 and up 10.2% from December 2009. The car-buying site projects a 10.5% increase in total units sold in 2010 to 11.5 million from 10.4 million in 2009.

A few weeks ago, Stern announced he had finally signed a new 5-year contract with the satellite radio company, ending months of speculation regarding his plans. His announcement came less than one month before his original 5-year, $500 million deal was due to expire.

Joyce currently rates Sirius as neutral with a price target of $1.60, and contrary to most analysts, Joyce said he would "not chase the stock" just because Stern is staying.

While the retention of this talent will "salvage" Sirius' subscriber growth, Joyce believes it isn't enough to move the stock much higher than $1.60.

Sirius stock is up more than 145% over the past year. Shares spiked to a new 52-week high of $1.69 this morning and are currently up more than 3% in Thursday trading to $1.65.