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MobileTerminal |
September 2, 2010, 7:12am |
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Quoted Text
NEW YORK (CNNMoney.com) -- The nation's top automakers reported disappointing sales Wednesday, resulting in the worst August for industrywide auto sales in 27 years.
According to sales tracker Autodata, U.S. new vehicle sales fell just short of 1 million vehicles, a drop of 21% from a year ago, which included Cash for Clunkers. That 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.
Industry sales also fell 5% from July levels. August sales typically outpace July, as deals become available on older models ahead of the fall introduction of new model year cars. August sales would equate to an annual sales pace of about 11.5 million vehicles.
"Car buying is far from repaired, and consumers hesitate before they make a big ticket purchase," said Jesse Toprak, an analyst with the auto pricing Web site Truecar.com. "It shows that the recovery is going to be much slower and more painful than expected."
This year was the weakest August sales total since the 993,100 sold in 1983. Analysts had been forecasting a weak month, with expected sales of about 1.03 million. Most of the major automakers fell short of estimates. The soft demand for autos is seen by economists as another sign of growing weakness among nervous consumers.
GM 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.
http://money.cnn.com/2010/09/01/news/companies/august_auto_sales/ |
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Box A Rox |
September 2, 2010, 9:11am |
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The article is about CAR SALES... ALL CAR SALES, GM Ford Toyota Honda Nissan...
Blame the Bush Economic Meltdown for poor car sales... no jobs no new cars!
With out the US Auto bailout, there would be many more US workers unemployed, and those jobs would not return here ever. Once we come through the Bush Economic Meltdown, and the economy picks up, those jobs will be valuable to the US Economy. |
| The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
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Shadow |
September 2, 2010, 9:18am |
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No lets blame Frank and Dodd for not doing their jobs and letting the housing market fail and dragging everything else down with it. |
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MobileTerminal |
September 2, 2010, 9:40am |
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Everyone enjoying their "recovery summer" yet? |
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Shadow |
September 2, 2010, 9:58am |
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I can feel the weight of that evil money leaving my wallet with every day that passes to fund this summer of recovery. |
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senders |
September 2, 2010, 1:40pm |
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and we are what?.....shocked?....how many F'EN new cars does a family need(I did not say WANT)......this is a fiasco on the part of unions and the companies.......ATLAS SHRUGGED.....again.....wouldn't you agree Rox? |
| ...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
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