Credit crunch puts brakes on auto sales
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The slumping housing industry, already hitting Americans hard in two areas - escalating adjustable-rate mortgages because of the credit crisis and decreased borrowing power due to declining home values - is now sending tremors through the automotive industry.
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US retail sales and industrial output slow as the economy is hit by the housing slump and credit squeeze.
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The online auto marketer hits a rough patch in the road, deflating its profit outlook.
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Consumers undeterred by escalating credit problems and a weakening housing market went on a back-to-school buying spree last month, helping many retailers rebound from July's disappointing sales. But analysts are still worried that economic concerns might curtail shopping in the critical months ahead.
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Retail sales, hurt by a big drop in auto purchases, slowed in January to the weakest performance in three months.
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Detroit automakersâ share of the American car market fell to a record low in June, foreshadowing another summer of deep discounts, cheap car loans and deals on leases.
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Sales of small pickups are still in the dumps, but car companies have thoughts about picking up this business.
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Sales of GM and Ford cars in the US dropped during August as the industry was hit by a number of factors.
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With the economy slowing and houses no longer easy sources of cash, a growing number of consumers cannot pay the minimum monthly amount off their credit card debt.
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U.S. auto sales will likely fall again in 2008 due to economic stress on consumers, raising pressure on struggling Detroit automakers to cut prices or use sales incentives, economists and officials said on Tuesday.
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GM and Ford sales fell in October as the two largest automakers cut incentives. Sales rose at Chrysler and Toyota, helped by new models.
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The payday lender's used-car dealerships fail to jumpstart revenue.
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U.S. car and truck sales likely slowed in October from incentive-driven, surprisingly strong levels in September, and Detroit automakers look set to take most of the fall.
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General Motors Corp. and Ford Motor Co. this week reported disappointing US sales for August, prompting the nation&#39;s two largest automakers to cut planned vehicle production in the fourth quarter, which could hurt profits.
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As problems in the subprime mortgage industry sends ripples through the economy, shopping centers are being caught in the credit squeeze.
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U.S. auto sales are expected to have dropped in May as a weak housing market and higher gas prices sapped demand, analysts said this week.
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Consumers lost a little of their enthusiasm for auto purchases last month but spent like mad in a number of other areas including clothing and gasoline, the Commerce Department reported Friday.