‘Clunkers’ drive life into July auto sales
Aug 03, 2009 | 01:02 PM
| Corinna Petry
For Ford Motor Co. the last week of July stood "as probably the greatest one-week energy conservation program that came out of Washington ever," George Pipas, Ford's U.S. sales analyst, said Monday during the company's monthly vehicle sales conference call, referring to the huge boost in sales received from the "Cash for Clunkers" program.
The program caused "a stampede to the showrooms," according to General Motors Co.
It has caused the carmakers to revise upward their annual sales estimates by as much as 1 million units, particularly if the Senate adds another $2 billion to the $1 billion already granted. The legislation was approved by the House last week but awaits action by the Senate and President Obama's signature (AMM, Aug. 3).
In fact, GM and Ford both said their vehicle inventories were at the lowest levels ever at month-end, and whether or not the Clunkers program continues with additional funding each is likely to boost production through year-end.....
To access AMM's full content, please log in below. If you do not have an AMM account, we invite you to take a free trial or subscribe below.
Already a registered amm.com user?
Access to amm.com editorial content is granted only to paid subscribers and trialists. If you do not have an active account in your own name, please either subscribe or take a trial and you will have instant access to amm.com content. Sharing your login credentials with individuals who are not subscribers represents a violation of AMM copyright.
Every morning, every minute no matter how often you follow the markets, there's an AMM subscription to fit your needs.
Not sure if you are ready to invest in a subscription right now? Take a free, no-obligation trial. Start your free trial today.