Sales Down

For the first time in 15 years monthly sales of vehicles fell below 1 million to 964,873.Ford dropped 33.8%GM 15.6%Chrysler 33%All were worse than expected. Jim Farley Ford chief of worldwide marketing blamed it onto a atmosphere of caution and called it tantamount to a natural disaster.F-150 sales were down 42%from a year ago SUV down 57%.The rice burners did not do well either Toyota was down 33%.This was the 11th month in a row that sales dropped.It is estimated 1 out of 5 dealerships’ will close in the next year. Bill Heard closed 14 dealerships last week, but you should also know he is under investigation for improper business practices. Approval rate for loans is down to 63% from 83% last year. Most manufactured are blaming this on tight credit I think you cannot afford car payment and gas both. I don’t think the consumer has the confidence in the economy to make a large ticket item purchase.