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U.S. markets recover from steep losses
DETROIT, Oct. 1 (UPI) -- U.S. auto sales fell back to earth in September with the end of the federal rebate program designed to spur sales and push fuel efficiency.
The CARS program -- formally the Car Allowance Rebate System, but casually called the "cash for clunkers" program -- propped up sales in July and August. As the program ended, however, manufacturers may well have said "pop goes the weasel."
"Floor traffic was lousy all month … It was a real post-clunker hangover," said Mark LaNeve, GM's vice president for U.S. sales.
Ford Motor Co. said sales fell 5 percent in September from a year ago. General Motors Co. said sales for the month fell 45 percent from 2008. Chrysler called it a 42 percent drop. Honda reported a 20 percent decline; Toyota 13 percent, Nissan 7 percent, The New York Times reported.
The cash for clunker was expected to have sparked consumer-supported interest -- like priming a pump. But the priming didn't take.
"I expected the month to be a bit stronger, but it just wasn't," LaNeve said.
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