Car, Truck Sales Down: Sales of U.S....

Car, Truck Sales Down: Sales of U.S. built cars fell 6.0% in late July. The decline came despite generous consumer and dealer incentive plans by General Motors Corp. and 0% financing by Chrysler. “The one thing that’s a little hard to fathom is the poor GM results given the mad money they’re throwing out there,” said analyst Joseph Phillippi at Shearson Lehman Hutton. GM added a dealer incentive plan onto its rebate program. Estimated to cost more than $1 billion, it pays dealers up to $1,000 extra per car above sales targets. Ford’s rebate plan expired July 31; last minute sales may have accounted for its better results.

AUTO SALES

July 21-31 % 10-Day 1989 change GM 104,756 -13.1 Ford 70,736 -0.2 Chrysler 27,445 -15.5 Honda U.S. 13,966 +6.9 Mitsubishi U.S. 1,175 -- Nissan U.S. 4,477 -16.7 Toyota U.S. 8,748 +126.6 Mazda U.S. 2,024 -1.4 TOTAL 233,327 -6.0

There were 9 selling days in the selling period this year and last year.