Wednesday, September 1, 2010

Auto Sales Decline in the USA

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.

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