September Auto Sales Slump
Consumer confidence has been sliding since last year, and carmakers were hammered by soaring gas prices in the spring and early summer. In releasing September sales numbers that fell as much as 36.8%, executives at General Motors Corp., Toyota Motor Corp., Ford Motor Co. and Chrysler said that passing the bailout bill should help housing and consumer spending eventually get back on track.
Toyota, Chrysler, Ford and Nissan Motor Co. reported U.S. sales declines of more than 30% for the month compared with September 2007, while Honda Motor Co. and General Motors Corp. showed sharp downturns as well. According to research, visits to auto dealerships in the last 10 days of September declined 51% compared with the same period last year, the largest slide in at least 22 years.
