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U.S. Auto Sales Hit 27-Year Low

It's not just Detroit that's in trouble. The water's also falling on the floor in Stuttgart, Munich, Toyoda City, and other automotive manufacturing centers around the world. That's because for the first month of 2009 Americans bought cars at an annualized rate of 9.57 million cars, the worst level for January—typically a weak month—since 1963 and the worst monthly selling rate since 1981. Industry laggards General Motors (GM) and Chrysler led the losing with sales that fell 48% and 55%, respectively. Ford's (F) sales plunged 40%, while several Asian automakers reported big drops as well.

Record low consumer confidence, stingy lenders, and a deep decline in demand among fleet buyers such as rental car companies have kept auto sales in the tank. While carmakers say some banks are starting to loosen up lending standards, it hasn't been enough to jump-start car sales stalled out last fall by the collapse of credit and stock markets. "Our business is based on credit more than any other industry," says Mike DiGiovanni, executive director of global market analysis.

http://www.businessweek.com/bwdaily/dnf ... B+analysis

wow...

Chrysler president feels good.

Yet oddly, as Chrysler prepares to go back to the U.S. Treasury for another $3 billion in government loans this month, President James Press says he feels "really good about the company's present situation."

"We've gotten a lot of good news lately," says Press. "It's really a very positive outlook for us."

http://www.forbes.com/2009/02/03/chrysl ... ysler.html

I don't know what the hell he's smoking or drinking but I want some!!!!!

HI54UNI wrote:Chrysler president feels good.

Yet oddly, as Chrysler prepares to go back to the U.S. Treasury for another $3 billion in government loans this month, President James Press says he feels "really good about the company's present situation."

"We've gotten a lot of good news lately," says Press. "It's really a very positive outlook for us."

http://www.forbes.com/2009/02/03/chrysl ... ysler.html

I don't know what the hell he's smoking or drinking but I want some!!!!!

Translation: "No matter how badly I fcuk up, they still gotta pay me".

Good friend who owns a VW, Chrysler, and a couple of Honda dealerships. He says foot traffic is way up. People smell blood in the water, and want to get a good deal. He's just waiting for the lenders to use some of that 800 some odd billion they've been sucking on to loosen up lending, and he says he'll be fine. Not the lights out sales of two years ago, but he always said that couldn't last, so he socked it away while he could, knowing a rainy day was coming. But, he feels that he could still be quite profitable if he could find money for normal buyers, and not the folks with crappy credit either. He says he can't even get loans for people with solid normal credit. Right now it's just the people with outrageously high scores that qualify. His VW dealership is very strong. Honda is maintaining. Chrysler is sucking wind.