JULY WAS WORST MONTH OF YEAR FOR AUTO SALES
July saw the biggest yearover-year decline in U.S. vehicle sales this year, leaving automakers to hope consumers are waiting to pounce on Labor Day deals.
U.S. sales of new cars and trucks fell 7 percent to 1.4 million in July, according to Autodata Corp. It was the seventh straight month of lower sales, and the biggest percentage drop so far this year.
July is often a slower month as buyers vacation and wait for dealers to offer model year clearance events in August and September. This year, big cuts in sales to rental car fleets and commercial customers were also a factor.
General Motors said its sales fell 15 percent in July, while Hyundai’s dropped 28 percent. Ford’s sales were down 7.5 percent. Fiat Chrysler’s sales declined 10 percent. Volkswagen’s sales fell 5.8 percent, while Nissan’s sales fell 3 percent. Honda’s sales were down 1.2 percent.
Two major automakers bucked the trend. Toyota’s sales rose 3.6 percent, while Subaru’s were up 7 percent. — The Associated Press