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30th September 2008

Credit Crunch Triggers Drop in September Sales, Predicts Edmunds.com

posted in Car News Articles |

SANTA MONICA, California — Edmunds.com is forecasting a continuing dramatic slide in monthly new-vehicle sales as September comes to a close. New-vehicle sales are predicted to be 1.05 million units, a nearly 20 percent decrease from a year ago and a 15.7 percent decrease from August 2008.

“February 1993 was the last time that fewer than 1 million new vehicles were sold in a month, and we’re coming remarkably close to that volume again,” said Jesse Toprak, executive director of industry analysis for Edmunds.com.

The combined monthly U.S. market share for Chrysler, Ford and General Motors is estimated to be 47.1 percent this month, down from 51.9 percent in September 2007 and up slightly from 45.7 percent in August 2008.

All of the major automotive players, both foreign and domestic, will report September sales declines, according to Edmunds.com.

Nissan, Honda and Toyota are all expected to show sales declines versus September 2007. Edmunds.com predicts Toyota will sell 176,000 units this September, down 17.5 percent from September 2007. It is forecast that Nissan will sell 83,000 units this month, down 11.5 percent from September 2007. Honda, while also experiencing a September decline, fares the best of the big Japanese automakers. Edmunds.com predicts Honda will sell 119,000 units in September, down 6.1 percent from September 2007.

Detroit automakers continue to be pounded by slumping sales and eroding market share. Chrysler is expected to report a dramatic decline in September sales versus a year ago. Edmunds.com predicts Chrysler will sell 101,000 units this month, down 36.5 percent compared with September 2007. Ford will sell 137,000 units this month, down 25.1 percent compared with September 2007. General Motors will sell 255,000 units this month, down 23.9 percent compared with September 2007.

What this means to you: There’s not a bright spot in the bunch, as all of the major automakers suffer in September because consumers can’t get auto financing in these tough times. — Anita Lienert, Correspondent

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