9 years ago13 views
September brought a decrease in sales to Ford Motor Company. Tighter credit for buyers and dealers along with high fuel prices sharply decreased the demand for its cars.
Ford says U.S. sales dropped 35 percent from this time last year. Overall sales are expected to be down 20 percent from a year ago. Industry experts say consumers were hesitant to make big ticket purchases with the economy heading into a slump.
Many consumers who were looking to buy were unable to get loans because of the current credit crunch. Credit problems aren’t just limited to consumers many dealers are finding it hard to get the cash they need to do business.
Ford had already been hit hard earlier this year by gas prices. As prices at the pump rose demand for their SUVs and Trucks dropped. Gas prices have begun to level out from the record high hit in July, but they are still 30 percent higher than last year.
The other automakers are expected to report their sales later today. GM is expected to post a 24 percent decreases with Chrysler coming in even higher at 37 percent.
U.S. automakers aren’t the only auto dealers being affected. Toyota, Nissan, and Honda are all expected to show big losses.
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