August 2010 has been declared the worst month for auto sales in the USA since 1983 when the country was at the end of a double-dip recession. Major auto brands in the USA including GM, Toyota, Honda and Ford all reported declines from July.
Sales actually fell about 5% in August as compared to July 2010. Barely a year ago, the Governments "cash for Clunkers" program boosted auto sales especially for fuel efficient cars by offering rebates for up to $4,500 for trade-ins.
High unemployment and the shaky housing market have made American's reluctant to spend money. Overall, sales at ford were down 5% from July and 11% from last August. At Toyota, sales dropped 34% compared with last August and 12% from July. For Nissan, Subaru and KIA, sales fell about 7% while for Honda, 3% was the drop in sales value.
by Tosan Aduayi for flowtran Global.