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Us Car Sales Plunge 23%

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DETROIT, Oct 1 (Reuters) - U.S. auto sales tumbled by 23

percent in September as showrooms emptied after the

government-funded boom from the "cash for clunkers" program, with

General Motors Co [GM.UL] and Chrysler hardest-hit. Sales for General Motors Co [GM.UL] and Chrysler -- the two

U.S. automakers struggling to regain momentum after emerging from

bankruptcy -- dropped by 45 percent and 42 percent, respectively. Ford -- the only U.S. automaker to have avoided bankruptcy --

managed to hold its sales decline to 5 percent from a year

earlier despite low inventories and reduced incentives for car

shoppers. Automakers had braced for a sharp pullback in September after

the clunkers program and taxpayer-funded credits of up to $4,500

drove sales sharply higher the month before. The overall result was in line with those forecasts as

industry-wide U.S. auto sales dropped 41 percent from August,

according to Autodata Corp. On the annualized basis tracked by analysts, industry-wide

U.S. auto sales dropped to 9.2 million vehicles in September, the

weakest sales rate since April


Surely car prices will drop now?

Our lot have extended the scheme to prop up high prices. That money is going straight from the public into car executive bonuses.

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