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GM, Ford Sales Slump as `Nervous' Buyers Stay Away

Bloomberg -- Toyota Motor Corp., General Motors Co. and Ford Motor Co., the world’s three largest automakers, reported bigger sales declines than analysts projected as the U.S. auto industry headed for its worst August in 28 years.

GM said deliveries fell 25 percent to 185,176 from 246,479 last August, when the U.S. government’s “cash for clunkers” incentive program boosted sales. The biggest U.S. automaker was expected to report a 19 percent decrease, including an adjustment for the number of selling days in August, the average estimate of four analysts surveyed by Bloomberg. On that basis, sales fell 22 percent, Detroit-based GM said in a statement.

U.S. auto sales last month probably were the slowest for August in 28 years as model-year closeout deals failed to entice consumers concerned about the

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Submitted Sep 01, 2010 By: comprof

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badbonita Champion Author Syracuse Posts:3,836 Points:885,855 Joined:Jul 2008	Message Posted: Sep 2, 2010 7:38:50 AM Ignore badbonita Report Abuse With so many people out of work, rampant home foreclosures and the economy being shaky, the last thing most people want to do is take on a $25-30K new car loan. And with the cash for clunkers program from last year, even the used car market is tight since there were so many hundreds of thousands of cars removed from the stream.
vandamme Champion Author New York Posts:1,018 Points:117,800 Joined:Nov 2008	Message Posted: Sep 2, 2010 7:18:22 AM Ignore vandamme Report Abuse But Chrysler is back from the dead, again. Yes, they are overly dependent on fleet sales; but it may tide them over until they can get Fiats.
ENORMS Champion Author Colorado Posts:3,014 Points:1,171,335 Joined:Sep 2006	Message Posted: Sep 2, 2010 6:18:50 AM Ignore ENORMS Report Abuse It's not the right time to be buying new vehicles!
Amplion Champion Author Oregon Posts:4,237 Points:1,398,310 Joined:Sep 2005	Message Posted: Sep 2, 2010 2:39:13 AM Ignore Amplion Report Abuse WE ARE IN A DEPRESSION TIME TO VOTE OUT THOSE WHO LET IT HAPPEN: RON WYDEN, PETER DeFAZIO & THEIR DEMONCAT CRONIES. TEA PARTY TIME !!!!!!!!
mapelle621 Rookie Author Montreal Posts:71 Points:24,450 Joined:Nov 2009	Message Posted: Sep 2, 2010 12:09:50 AM Ignore mapelle621 Report Abuse lets start by having enough money to buy a roof before a new car
playtimeCLE Champion Author Cleveland Posts:5,900 Points:1,091,400 Joined:Nov 2008	Message Posted: Sep 1, 2010 5:42:53 PM Ignore playtimeCLE Report Abuse This is no economy for large purchases. [Edited by: playtimeCLE at 9/1/2010 6:43:38 PM EST]
Lugi1967 Champion Author Ohio Posts:2,585 Points:543,445 Joined:Jun 2010	Message Posted: Sep 1, 2010 4:30:12 PM Ignore Lugi1967 Report Abuse Last years cas for clunkers took away sales that would have been spread out over many months
packards42 Champion Author Washington Posts:4,234 Points:716,195 Joined:Feb 2005	Message Posted: Sep 1, 2010 3:52:28 PM Ignore packards42 Report Abuse Yes 25% drop in auto sales, is a true cut at the picture of the US economy, people are wising up to the fact the economy is a slump, recession whether the government declares it or not.