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'Cash-for-clunkers' gets credit as car sales skyrocket in July
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| Contributor | kal |
| Last Edited | kal Aug 04, 2009 07:03pm |
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| Category | General |
| Media | Newspaper - USA Today |
| News Date | Wednesday, August 5, 2009 01:00:00 AM UTC0:0 |
| Description | For months, automakers have predicted pent-up demand was brewing for cars as sales hit record-low numbers. And the government's cash-for-clunkers program may have proved them right.
July sales — coming in at 997,824 — didn't quite reach the 1 million mark, a sales rate that used to be the norm but hasn't been since August 2008. But it was the best rate of 2009, up 16% from June.
Consumers were waiting on the sidelines for a deal such as clunkers to come along, says Mark LaNeve, vice president of North American sales and service for General Motors. GM's sales were down 19.4%. "This has been rumored for months and widely reported that it was going to be retroactive to July 1," says LaNeve, pointing out that many people waited until the program was in place before finalizing car deals.
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