Consumers are turning away from buying new cars as the nation's credit crisis deepends. Reuters reports a 26% drop in industry-wide auto sales
Major automakers reported plunging U.S. sales for September -- led by a 34 percent slide at Ford Motor Co -- as an escalating credit crisis hit the slumping industry and raised new doubts about when the world's largest auto market would stabilize.
The 26-percent drop in industry-wide auto sales was sharper than expected and coincided with a crisis on Wall Street that automakers said rocked consumer confidence and made it harder for remaining shoppers to finance vehicles.
Sales were down 24 percent at Honda Motor Co, 32 percent at Toyota Motor Corp and 37 percent at Nissan Motor Co. Chrysler LLC sales were down 33 percent.
GM beat out its rivals by having sales fall 16%. October isn't likely to be any better for automakers as the economy seems to be getting worse before it gets better. An AP story about the auto sales cites economists who say a bottom has not yet been reached. BloggingStocks reports that Ford Motor CEO Alan Mulally has warned of stagnant sales through 2009.
