That's ok... We should stop buying new ones until we can get Electric and Natural Gas Vehicles from them.
On Oct 1, 3:53 pm, Frank <[EMAIL PROTECTED]> wrote: > U.S. Auto Sales Fall 27%, Most Since 1991, on Credit (Update1) > By Mike Ramsey and Alan Ohnsman > > Oct. 1 (Bloomberg) -- U.S. auto sales tumbled 27 percent in September > as the credit crisis and slowing economy dragged the industry to its > worst month since 1991, when George H.W. Bush was president. > Ford Motor Co.'s sales declined 35 percent from a year earlier and > Toyota Motor Corp.'s dropped 32 percent, their poorest monthly > performances in more than two decades. General Motors Corp.'s slid 16 > percent, as incentives helped blunt its decline. Sales fell 37 percent > at Nissan Motor Co., 33 percent at Chrysler LLC and 24 percent at > Honda Motor Co. > The September results extended the industry's slide to 11 consecutive > months, the longest in 17 years. The financial crisis caused lenders > to toughen loan standards and consumers curbed spending. The reduced > availability of loans pinched automakers already hurt by gasoline > prices that rose to a record in July. > ``There is a psychological impact of all the news about banks in > trouble,'' said Tom Libby, an analyst at marketing- research firm J.D. > Power & Associates in Troy, Michigan. ``If people can wait to buy a > car, they'll wait.'' > Sales fell to 964,873 cars and light trucks from 1.31 million a year > earlier, according to Woodcliff Lake, New Jersey- based Autodata Corp. > The annual sales rate was 12.5 million, a drop from 16.2 million in > September 2007, Autodata said. U.S. yearly sales reached a record 17.4 > million in 2000 and averaged 16.8 million this decade. > September's percentage decline was the biggest since January 1991, > according to Ward's Auto Forecast in Southfield, Michigan. > GM, Ford and Chrysler's U.S. brands' market share for the month rose > to 52.3 percent from 50.8 percent a year earlier, as GM's sales fell > less the industry's, according to Autodata. Asian companies held 39.9 > percent, down from 42.1 percent. > General Motors > GM's sales of 282,806 cars and light trucks were down from 334,974 a > year earlier. Adjusted for one fewer sales day last month compared > with September 2007, the drop was 12 percent. On that basis, the > average of 5 analysts surveyed by Bloomberg was for a 26 percent > decline. > ``We again gained retail share, and our total market share looks to be > above 27 percent for the month without an increase in incentives,'' > said Mark LaNeve, Detroit-based GM's vice president of North American > sales, in a statement. > GM today said it's replacing offers to all buyers of prices that its > employees pay with no-interest loans of as long as six years on many > 2008 models. GM's average incentive spending fell 2 percent last month > from August to $3,972 a vehicle, according to Edmunds.com. That > compares with $2,801 industrywide, almost unchanged from August. > The automaker said leasing accounted for 1 percent of sales last > month. Across the industry, lenders offered fewer leases and required > higher down payments and interest rates, Libby said. > Ford > Ford said its sales fell to 120,788 from 184,612, the 22nd decline in > the past 23 months. Sales of pickup trucks, sport- utility vehicles > and vans for its U.S. brands tumbled 39 percent, as it sold 42 percent > fewer F-Series pickups. Car sales for the Ford, Lincoln and Mercury > brands fell 19 percent. > Ford sales excluding Volvo were 116,734. That was its lowest monthly > total since December 1981, according to Autodata. > ``An already weak economy compounded by very tight credit conditions > has created an atmosphere of caution,'' Jim Farley, Ford's worldwide > marketing chief, said in a statement. > The automaker is marking the 100th anniversary of the building of its > first Model T. In 1924, Ford held 60 percent of the global automotive > market, said John Wolkonowicz, auto analyst at Global Insight Inc. in > Lexington, Massachusetts. In this year's first half, Ford was fourth > in worldwide sales, behind Toyota, GM and Volkswagen AG. > Toyota, Honda > Toyota, second in the U.S. behind GM, said in a statement that > September sales fell to 144,260 cars and light trucks from 213,043 a > year earlier. > The Toyota City, Japan-based company's monthly decline was its > steepest since 32 percent in July 1987, said Bob Carter, vice > president of its U.S. sales unit, in a conference call. > Honda, Japan's second-largest automaker, sold 96,626 vehicles, down > from 127,200 a year earlier, spokesman Chris Martin said in an > interview. The percentage drop was the biggest for the company since > November 1981. > Sales fell across the Tokyo-based company's product line, except for > the Fit subcompact, he said. > ``We've done nothing different, but customers just weren't coming into > dealerships,'' Martin said. > Tokyo-based Nissan, Japan's third-largest automaker, said in an e- > mailed release that it sold 59,565 vehicles, a drop from 94,269 a year > earlier. > Chrysler > Chrysler reported sales of 107,349 vehicles, dropping from 159,799. > The Auburn Hills, Michigan-based company announced new incentives for > October, with cash discounts of as much as $6,000 and interest-free, 6- > year financing on 2008 Dodge Ram pickups. > Hyundai Motor Co., South Korea's largest automaker, reported a 26 > percent drop in sales for the month. The Seoul-based company sold > 24,765 vehicles, down from 33,214 a year earlier. > European brands sold 75,204 vehicles, a 20 percent drop from a year > earlier. > Global Insight cut its 2009 estimate for U.S. auto sales to 13.4 > million from 14 million, analyst Rebecca Lindland said in an interview > at a GM reception in Paris. ``There's no sign of recovery we can point > to,'' she said. > The weakening U.S. economy, which has lost jobs in each month of 2008, > has added to the strain on the auto industry. September non-farm > payrolls likely fell by 105,000, based on 69 economist estimates > compiled by Bloomberg. > Consumer spending also was weakening even before the credit crisis > intensified. > The unraveling of the U.S. banking system has eroded confidence and > tightened credit. In September, Lehman Brothers Holdings Inc. filed > for bankruptcy and Washington Mutual Inc. failed as banks were unable > to liquidate assets tied to risky home mortgages and as a result were > running short of capital. > To contact the reporters on this story: Mike Ramsey in Southfield, > Michigan at [EMAIL PROTECTED]; Alan Ohnsman in Los Angeles at > [EMAIL PROTECTED] > Last Updated: October 1, 2008 18:27 EDT --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more. -~----------~----~----~----~------~----~------~--~---
