GM auto sales sink 25%

[mike r]

Source: CNN

General Motors reported weak sales Wednesday kicking off what is expected to be the worst August for industrywide auto sales in 27 years.

Sales toppled 25% from a year ago, partly because of comparisons to the Cash for Clunkers program of last summer. The federal program created a sugar rush of sales by dangling an incentive of up to $4,500 in cash for buyers who traded in older gas guzzlers for more efficient models.

But it wasn't all Clunkers. August's sales also dropped 7% from July and fell short of forecasts from sales trackers Edmunds.com and TrueCar.

The soft demand for autos is seen by economists as another sign of growing weakness among nervous consumers. GM officials echoed that they are seeing a tougher environment for car sales.

Read more: http://money.cnn.com/2010/09/01/news/companies/august_auto_sales/index.htm

[dipsydoodle]

1. Do rejected credit applications have some bearing on this too ?

:shrug:

[no_hypocrisy]

2. Considering job insecurity, the initial cost starting b/n $24 and $27K,

the banks won't loan you money, you don't qualify for a loan b/c you've been late paying a few others, I'd say it's likely you'll be driving your car for another 100,000 miles or you'll buy a used vehicle.

[Lightning Count]

3. That doesn't seem to jive with this.

http://www.reuters.com/article/idUSTRE6723MX20100803

[no_hypocrisy]

7. New information I just found

http://www.latimes.com/business/autos/la-fi-auto-sales-20100902,0,323114.story

[Lightning Count]

9. So Chrysler is the big winner?

Weird.

[divideandconquer]

15. Chrysler was only 9000 units behind Honda in August car sales

I bet they can pass Honda by Christmas, Mopar has an avalanche of new and improved products on the way, Honda not so much. In fact Honda had to delay it's new Civic because it got worse gas mileage than the new Ford and Chevy competitors arriving on showrooms right now.

[asjr]

4. A local Ford dealer here has just

filed for bankrupcy. Six million dollars in debt. I think he had more than one agency, but my gosh how does anyone get out of that?

[Lightning Count]

5. It's called an LLC. nt

[raccoon]

6. I guess people making $10 or less don't buy many new cars. nt

[OhioChick]

8. +1 n/t

[Romulox]

10. No banker would be caught dead in a GM. nt

[AngryAmish]

11. Yet GM employs lots of bankers

[Anakin Skywalker]

12. GM Can Thank Their Fellow Corporations For

f*cking with the American working class, leaving them with no jobs and therefore no money to buy anything!

[Lost4words]

13. B I N G O! nt

[Omaha Steve]

14. That 25% includes brands GM has since dropped and no longer sells

Pontiac, Saturn, Hummer, etc.