U.S. Car and Truck Sales Skid 20.5% in Mid-October

Mid-October car and light truck sales by major U.S.-based auto makers tumbled 20.5%, compared to last year, giving further evidence that fear of price increases this month helped spur sales last month, the companies said Tuesday.

The eight companies said they sold vehicles at an average daily rate of 28,156 during the Oct. 11-20 period this year, compared to a rate of 35,407 during the same time last year.

Car sales were down 19% while truck sales were down 22.8%.

Mid-October sales of cars made by each of the nation’s Big Three auto makers fell by more than 20% this year, compared to last year when the sales rate was below what proved to be the annual pace.

The results came on the heels of an 11.9% drop in vehicle sales in early October. That amounted to a cumulative decline of 16.5% in car and light trucks for the month through Oct. 20 this year, compared to the same 20-day period last year.

For months, auto analysts and observers have been concerned that a spurt of buying in the third quarter of the year was sparked by heavy consumer and dealer incentives and by fears of price increases for the 1990 model year, which began Oct. 1.

While there still are some 1989 models on dealer lots, the majority of cars and trucks being sold now are 1990 models.

So far this calendar year, car and truck sales were running 2% behind the pace of last year, which proved to be the second-best on record. Car sales were down 3% and light truck sales were down 0.2%.

GM reported its car sales were down 24.8% during mid-October this year, compared to last year. GM’s light truck sales for the period were down 26% from last year. For the year to date, GM’s car sales were down 6.8% while truck sales were up 1.4%.

Ford said its mid-October car sales ran 21.2% behind last year and truck sales were down 24.2%. For the year, Ford’s car sales were 0.6% behind last year and truck sales were down 2.7%.

Mid-October car sales at Chrysler this year were down 23.7% and truck sales were off 17.5%. Since the first of the year, Chrysler’s car sales were 11.5% behind last year and truck sales were down 0.4%.

AUTO SALES

Oct. 11-20 % 1989 change GM 69,980 -24.8 Ford 46,995 -21.2 Chrysler 22,336 -23.7 Honda U.S. 8,355 -14.1 Mitsubishi U.S. 1,297 * Nissan U.S. 3,036 +48.8 Toyota U.S. 6,256 +304.7 Mazda U.S. 608 -33.4 TOTAL 158,863 -19.0

There were 9 selling days in the selling period this year and last year. Figures do not include truck sales. * No comparison possible.