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GM Sales Off 45% as US Auto Sales Hit 25-Year Low

Asian brands add market share amid sales freefall

By Rob Quinn,  Newser Staff

Posted Nov 3, 2008 10:43 PM CST
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(Newser) – US auto sales dived in October to levels not seen since 1983, Bloomberg reports.  GM, Ford, and Chrysler saw sales drop 45%, 30%, and 36% respectively as credit dried up and consumer confidence plummeted. Toyota, Honda, and Nissan all saw sales fall over 20%, but managed to gain market share from their US counterparts. Toyota's 23% drop came despite a 0% finance program.

GM said the industry sales figures, adjusted for population growth, were the worst "in the post WWII era." Dealers—and automakers—are in danger of going bust if the freefall continues, but some expect improvement in November. "I think quite frankly we're going to have a better month,'' a Nissan vice-president said. "One way or another, this seemingly endless campaign finally gets closed. Whether you like it or not, you'll know what's going on."

Unsold 2008 models sit under the company sign at a Toyota dealership in the southeast Denver suburb of Centennial, Colo., on Sunday, Nov. 2, 2008.
Unsold 2008 models sit under the company sign at a Toyota dealership in the southeast Denver suburb of Centennial, Colo., on Sunday, Nov. 2, 2008.   (AP Photo/David Zalubowski)
American flags flutter in the wind over the sign splashed across the windshield of a an unsold Subaru Legacy sedan at a Mazda dealership in the west Denver suburb of Lakewood, Colo.
American flags flutter in the wind over the sign splashed across the windshield of a an unsold Subaru Legacy sedan at a Mazda dealership in the west Denver suburb of Lakewood, Colo.   (AP Photo/David Zalubowski)
The company logo hangs over an unsold 2009 Acadia sports-utility vehicle at a GMC Truck dealership in Littleton, Colo., on Sunday, Oct. 26, 2008. General Motors Corp. said Wednesday, Oct. 29, 2008, that reduced demand in the U.S. and Western Europe helped push the company's third-quarter worldwide sales down...
The company logo hangs over an unsold 2009 Acadia sports-utility vehicle at a GMC Truck dealership in Littleton, Colo., on Sunday, Oct. 26, 2008. General Motors Corp. said Wednesday, Oct. 29, 2008, that...   (AP Photo/David Zalubowski)
In this Aug. 17, 2008 file photo, an unsold 2008 Sierra pickup truck sits under the sign at a GMC Truck dealership in the south Denver suburb of Littleton, Colo. General Motors Corp. shares on Thursday, Oct. 9, 2008, plunged to their lowest level since the opening months of the...
In this Aug. 17, 2008 file photo, an unsold 2008 Sierra pickup truck sits under the sign at a GMC Truck dealership in the south Denver suburb of Littleton, Colo. General Motors Corp. shares on Thursday,...   (AP Photo/David Zalubowski, file)
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If you've got Toyota out there with an aggressive 0% finance program, a company with its product line, strong brand reputation and healthy finances coming in with a 23% decline, you know it's a bad market. - Tom Libby, a Michigan-based analyst 

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Auto sales worst since 1992
BusinessWeek

Toyota extends no-interest loans
Bloomberg

Consumers stay away from showrooms
USA Today

 
Chrysler • Toyota • General Motors • imports • Honda • Nissan • automaker • Ford • auto industry • auto sales

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