U.S. September Auto Sales Plunge; GM, Chrysler Hit Hard

[Purveyor]

DETROIT (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 and Chrysler hardest-hit.

Sales for General Motors Co 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.

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REUTERS: http://www.reuters.com/article/businessNews/idUSTRE59066D20091002?feedType=nl&feedName=usbeforethebell

[mtnester]

1. I have to tell you, they have no damn inventory, which does not help

The car I bought is NOT the car I wanted....but my lease was up in 3 days and the GM auctions were not producing what I was looking for