Year-to-date sales for August 2010 may look poor, but the numbers are actually much closer to reality now that the Cash for Clunkers scheme has wrapped up. Cash for Clunkers, which offered rebates ranging from $3,000-$4,000 on the purchase of a new car and trade-in of a used car, sent sales skyrocketing in 2009, and the best indication of this is how far down they are in August 2010. The numbers are also a good look at what consumer spending is really like in the absence of government stimulus money.

Suzuki saw the biggest drop in sales, with a 68% drop, followed by Mitsubishi at 37 % and Toyota down 34%. Porsche led the industry with a 33% increase, which makes sense considering the apparently strong economy of 2010 versus the much more unstable 2009. Maserati and Jaguar Land Rover were both up 25%, while Chrysler was the only volume manufacturer to post any gains, with sales up 7%.

[Source: Automotive News]

The United States Federal Government’s cynical Keynesian vehicle scrappage program scheme was by all accounts a success (if you believe that blind consumption is a win), but some dealers apparently skirted the rules, and now the government is looking for dealers who may have gamed the system – and may withhold $94 million in rebates because of it.

Dealers have already paid out $71,500 in fines, despite NHTSA calling the shady establishments a minority of participating dealerships. However, some shady claims are still being investigating. Among them,

1. The overseas exportation of vehicles claimed to have been destroyed after trade-in
2. $878,000 in “improper payments” which were subsequently returned
3. Several junkyards maintaining improper paperwork that makes it impossible for government officials to verify vehicle trade-ins

While NHTSA says that most of the dealers are legitimate, but noted that some fines have been as large as $21,000. The government may withhold the $94 million in rebates due to missing paperwork that validates the trade-ins. This figure is expected to make up about 3.3% of all trade-ins.

[Source: USA Today]

As expected, auto industry sales were way down for the month of September, after record highs posted during the previous month with the Cash for Clunkers program in effect.

Compared to September of 2008, GM’s sales declined 45 percent, while Chrysler dropped 42 percent. Ford’s posted just a modest 5 percent loss due in part to steady gains in the truck segment, with F-150 pickups (pictured above) selling at an increased pace.

As for the high-volume foreign automakers, Honda dropped 20 percent, Toyota was down 13 percent and Nissan slumped by 7 percent. And with some automakers losing ground, others were sure to grab market share with Hyundai/Kia up 26 percent (its third straight monthly gain), while Porsche rose 8 percent, BMW was up 4 percent and Subaru posted a 1 percent increase.

The loses for September are actually worse than they sound, as the month they are being compared to, September of 2008, was a brutal month for auto industry sales, after the collapse of Lehman Brothers started the recession watch.

Overall, the industry wide decline is listed at 23 percent for September, slightly better than the average 28 percent drop for the previous eight months.

Industry analysts expect these slumping sales to continue through the rest of 2009.

For a full breakdown of each automaker’s sales in September, see after the jump:

[Source: Automotive News]

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When the U.S. government first released its list of the most popular Cash for Clunkers vehicles traded in as well as those purchased there seemed to be no surprises. It looked like consumers were getting rid of their Ford Explorers for Priuses. But after taking a longer look at the data, it seems that might not have been the case after all, as two trucks, the Ford F-150 and Chevrolet Silverado, were actually among the top ten vehicles purchased under the Clunkers program.

The reason for the change is that the initial listing classified vehicles specific to their drivetrain, meaning that a rear-drive or four-wheel drive pickup would count as two separate trucks. But by looking at just the vehicle model, the Silverado takes now takes the 8th spot, while Ford’s F-150 sits in 10th. Another winner was the Honda CR-V, which moved from outside the top 10 to sixth place.

As a result, three vehicles that are no longer in the top 10 are the Honda Accord, the tiny Honda Fit and (gasp!) the Toyota Prius.

These new numbers suggest that the Obama Administration’s plan to promote the sale of fuel-efficient vehicles might not have worked as effectively as planned, with the average fuel-economy of the new vehicles rated at 19 mpg, as compared to an average of 35 mpg for the three vehicles dropped from the list. No one can argue that the CARS legislation did, however, give a significant boost to the auto industry – if only temporarily.

[Source: LeftLaneNews]

The U.S. auto industry showed continued improvement in the month of August, helped on by the Obama Administration’s Cash for Clunkers program.

Ford was once again a big winner as sales increased 17.2 percent over last August, a significant improvement over the 2.4 percent growth in July – which was thought to be good at the time.

Honda posted a 9.9 percent increase while Toyota pulled itself from the gutters with a 6.4 percent gain.

Unfortunately for GM and Chrysler, the turnaround seems to have left them behind, with GM slipping 20.1 percent and Chrysler dropping 15.4 percent. Both of those numbers are worse than in July, with GM dropping 19.4 percent and Chrysler dropping 9.4 percent then.

Two smaller players in the U.S. market that are now poised to become larger players are Hyundai and Subaru. Hyundai saw an increase of 47 percent, while Subaru posted 51.5 percent growth. Volkswagen also posted growth of 11.4 percent.

Current estimates now put the total number of vehicle sales for 2009 at the 14.4 million mark, a significant increase from the sub-10 million units forecasted during the height of the recession.

[Source: Automotive News]

See the full U.S. Auto Industry August Sales Results after the jump:

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With the Cash-for-Clunkers program officially ending last night, the U.S. Department of Transportation has now released its top 10 list of the most purchased vehicles under the program, with the most popular car purchased being the Toyota Corolla.

Toyotas actually took three of the top 10 spots, with the Camry placing third and the new Prius ranking seventh. Honda did equally well, taking three of the top 10 spots, with the Civic coming in second, the Accord 8th and the Fit 9th.

Nissan and Hyundai each had one spot on the list with the Versa in 6th and the Elantra in 5th. Ford was the only U.S. automaker to break into the top 10, with the front-wheel drive Focus in 4th and the FWD Escape in 10th.

The “Top 10″ list doesn’t tell the whole story, however. While no General Motors products are listed in the top 10, collectively, GM products accounted for 17.6% of the total of new cars purchased under the program, second only to Toyota with 19.4%.

In total, the Car Allowance Rebate System (CARS) generated 690,114 transactions worth a total of $2.8 billion.

“American consumers and workers were the clear winners thanks to the cash for clunkers program,” said U.S. Transportation Secretary Ray LaHood. “Manufacturing plants have added shifts and recalled workers. Moribund showrooms were brought back to life and consumers bought fuel efficient cars that will save them money and improve the environment. This is one of the best economic news stories we’ve seen and I’m proud we were able to give consumers a helping hand.”

In total, 84 percent of consumers traded in trucks, while 59 percent purchased cars. The average fuel economy of a car traded in was 15.8 mpg, whereas the average fuel economy of a car purchased was 24.9 mpg – an improvement of 9.2 mpg or 58 percent.

[Source: Department of Transportation]

The four-wheel-drive Ford Explorer topped the list of clunkers traded in under the Car Allowance Rebate System.

Ford vehicles appeared five times on the Cash for Clunkers top ten trade-in vehicles list released by the U.S. Department of Transportation. The four-wheel-drive Explorer was number one with the two-wheel-drive version at number four.

The Ford F150 also appeared twice on the list, with the 2WD pickup at number two and the 4WD F-150 at number nine.

Chrysler vehicles appeared on the list three times, thanks to the Jeep Grand Cherokee (#3), Jeep Cherokee (#6) and the Dodge Caravan/Grand Caravan (#5).

A pair of Chevys filled out the top ten with the Blazer at seven followed by the 1500 pickup at eight.

According to the DOT, 84% of trade-ins were trucks. The clunkers traded in under the program had an average fuel economy of 15.8 mpg compared to the 24.9 mpg average for new vehicles purchased.

[Source: DOT]

The Cash for Clunkers program has come to an end and its impact can now be evaluated.

According to U.S. Department of Transportation, dealers submitted 690,114 transactions under the Car Allowance Rebate System (CARS), more commonly known as Cash-for-Clunkers. Those rebate applications account for $2.877 billion out of the $3 billion approved by Congress.

That number may rise considerably, however, as rejected filings are resubmitted. The DOT has said that filings approved after last nights deadline will be reimbursed. The DOT reported several issues with its servers approaching the deadline, which may account the fact that only $229 million in claims were filed during the last 36 hours of the program, while over the previous weekend $611 million in claims were filed.

A preliminary analysis by the White House Council of Economic Advisers says the CARS program boosted economic growth in the third quarter of 2009 by 0.3-0.4 percent, will help sustain an increased fourth quarter GDP and create or save 42,000 jobs in the second half of 2009.

“American consumers and workers were the clear winners thanks to the cash for clunkers program,” says U.S. Transportation Secretary Ray LaHood. “Manufacturing plants have added shifts and recalled workers. Moribund showrooms were brought back to life and consumers bought fuel efficient cars that will save them money and improve the environment.”

Ford and General Motors recently announced production increases for the second half of the year due to the demand generated by the CARS program. Honda also said it will increase production at its plants in East Liberty and Marysville, Ohio, and in Lincoln, Ala.

“This is one of the best economic news stories we’ve seen and I’m proud we were able to give consumers a helping hand,” said LaHood.

[Source: DOT and Automotive News]

Car owners hoping to take advantage of the “cash for clunkers” incentive program will have to do it by this Monday (Aug. 21) at 8 p.m., as the Obama Administration shuts down the popular program.

U.S. Transportation Secretary Ray LaHood said the Car Allowance Rebate System (CARS), offering incentives for trade-ins, should have enough funding to support one more weekend of sales. Earlier this month, the U.S. government pumped $2 billion into the program on top of the original $1 billion in funding. At the time, LaHood estimated the total $3 billion in funding would last until Labor Day. Looks like LaHood was off by a couple of weeks.

LaHood said there are no plans to expand the program again, but some representatives, including Democrat Sander Levin or Royal Oak, Mich.,  say Congress should add another $1 billion into the program.

[Source: The Detroit News]

The National Automobile Dealers Association (NADA) has asked the U.S. government to suspend the Cash-for-Clunkers program immediately as it believes the $3 billion in earmarked funds have already been used up.

NADA Chairman John McEleney told Automotive News that based on a survey of its dealers it believes the $3 billion in funding could be used up as of today. But according to the Transportation Department, only 411,624 claims have been filed, accounting for a total of $1,72 billion. The difference says McEleny is due to rejected claims that have yet to be re-submittted.

Transportation Secretary Ray LaHood, has said that the $3 billion should last until Labor day, but NADA’s track record is also pretty good, as the group was the one to raise the alarm that the initial $1 billion in funding, intended to run for several months had dried up in just two weeks.

Earlier in the week LaHood said that the Transportation Department is readying a plan to wind-down the Cash-for-Clunkers program, commenting that even if the fund dries up, the dealers will still be reimbursed.

[Source: Automotive News]

In the absence of any real movement by the Canadian government to establish a cash-for-clunkers program like the one that is currently boosting auto sales in the U.S., Hyundai Canada has just announced its own incentive program to get older, less-environmentally responsible cars off the road and get you into a Hyundai.

Currently through the Canadian government’s Retire Your Ride program, those who scrap their car are offered “green” incentives like a public transit pass, a membership to a car sharing program or a $300 cash rebate on the purchase of a 2004 or newer vehicle. That’s hardly as enticing as the $4,500 (almost $5,000 CDN) the U.S. government has on the table to get people in to more fuel-efficient cars.

Hyundai’s Clean Air Commitment acts as a top-up to the Canadian government’s program, and offers an additional $500 to $1,000 of “Clean Air Cash” off any 1995 and older vehicle that is in running condition and has been registered and insured for the last six months.

“Hyundai is committed to clean air in Canada,” said Steve Kelleher, president and CEO, Hyundai Auto Canada Corp. “Our Clean Air Commitment is about our responsibility to deliver a harmonious balance between vehicles and the environment; it’s about clean air now and for the future. Reducing vehicle emissions has a direct impact on the air we breathe, so helping to remove older, more-polluting vehicles from the road just makes sense. It’s something we can do today to immediately impact our environment.  We think that’s pretty smart.”

Currently Hyundai is committed to becoming an environmentally-responsible leader it he auto industry and has set a goal of reaching a fleet average of 35 mpg (6.7 liters per 100km) by 2015 – five years ahead of what will be required by upcoming U.S. and Canadian legislation. Hyundai also plans to bring a hybrid version of the upcoming next-generation Sonata to market using the company’s lithium polymer battery technology.

Official release after the jump:

Continue Reading…

In a sign that the Cash-for-Clunkers program is working and that car sales are finally starting to turn a corner, General Motors has announced that it is increasing production and adding overtime shifts at several plants.

Shifts will be added at GM’s CAMI plant in Ingersoll, Ontario, Canada and at the Lordstown, Ohio plant. The Lordstown facility is responsible for assembly of the Chevy Cobalt, while the Ingersoll facility is home to the GMC Terrain and the all new 2010 Chevrolet Equinox (pictured above).

The added shifts means General Motors will bring 1,350 employees back on the job.

Earlier this month Gm added overtime shifts at its Arlington, Texas plant where the Cadillac Escalade, Chevrolet Tahoe and GMC Yukon are made.

The total production increase is said to be roughly 60,000 units, a move deemed necessary by General Motors to ensure its dealers have an appropriate number of vehicles on their lots after a surge in sales following the recent Cash-for-Clunkers legislation saw dealer inventories hit their lowest point since 1991.

[Source: Automotive News]

Audi will offer an additional $1,000 off any vehicle that also meets the requirements for a Cash-for-Clunkers rebate. This means customers could save up to $5,500 off the price of a new Audi.

Eligible vehicles for the CARS (Car Allowance Rebate System) rebate include hatchbacks, sedans, convertibles, crossovers and even sports cars. Notable models include the Audi A3, the new 2009 Audi A4, the TT (both Coupe and Roadster) and the new Q5 crossover.

“The CARS reimbursement enacted by Congress is a tremendous opportunity for consumers interested in upgrading to vehicles that offer better fuel efficiency and reduced emissions,” said Mark Del Rosso, Chief Operating Officer at Audi of America. “Now that some uncertainties surrounding the launch of this federal program have been cleared up the time is right to enhance the deal even further.”

Audi is awaiting official EPA ratings on the fuel-efficiency of its 2010 models to see if they will also be eligible for both the Audi and Cash-for-Clunkers discounts.

See the full list of eligible models after the jump:

Continue Reading…

With the current state of affairs in the auto industry, smaller than expected losses have been cause to celebrate, so imagine the party the folks over at Ford must be having right now as the company announced today that it actually posted a sales gain.

Last month Ford’s 10 percent loss was seen as a sign that Ford is on the right track and that the economy might just be recovering. This month the American automaker posted a two percent increase compared to the same month a year earlier. But that number doesn’t even tell the whole story as retail sales were actually up nine percent. Less impressive fleet sales (notorious for low profit margins) curbed that number down to two percent.

As a sign that Ford is not only fighting off this recession, but that the automaker is actually producing products that consumers want to buy, this sales gain is the first since November 2007.

Ford’s sales and marketing VP Ken Czubay credited the company’s fuel-efficient vehicles, combined with the government’s Cash-for-Clunkers program for the positive results. “We had another strong month in progress before the ‘Cash for Clunkers’ program started,” he said. “Our products, our dealers and our advance preparation enabled us to leverage the program and drive traffic and sales to another level. In addition, we achieved a sales increase even though we decreased incentive spending in an increasingly competitive environment.”

Particularly successful models for Ford included the Fusion, Escape, Ranger and Flex. Fusion sales were up 66 percent; Escape sales were up 94 percent; while Ranger and Flex sales were both up 65 percent over a year ago. In addition Ford saw a drastic increase in the number of customers opting for hybrids, with Ford’s hybrid lineup (including the Fusion, Milan, Escape and Mariner) posting an increase of 323 percent.

Official release after the jump:

Continue Reading…

With the U.S. government’s Cash-for-Clunkers rebate now available, Nissan is improving the fuel-economy of its cars to increase the chances that you’ll qualify for the full $4,500 at one of its dealerships.

The CARS (Car Allowance Rebate System) program works by giving a $3,500 or $4,500 voucher towards a new car when it gets 4 mpg or 10 mpg (respectively) more than the vehicle being traded in.

One vehicle that has already received some fuel-efficiency revisions in the Sentra, which reportedly gets a short list of minor modifications to improve overall fuel-economy by 1 mpg. That may not sound like much, but every small 1 mpg step means a lot of three and nine mpg differences just became four and 10 mpg differences and Nissan just attracted a lot of new bargain-hunting customers.

The revised Sentra is currently being evaluated by the EPA and Nissan will no doubt send out an official press release once the new fuel-economy rating has been approved.

[Source: Automotive News via Autoblog]

If you’ve been trying to decide whether or not to trade in your gas guzzler on a new fuel-efficient model and cash in on the government’s $4,500 CARS rebate, you’ve waited too long. The program, funded with 1 billion dollars of tax payers’ money is already running low – just six days after the Obama Administration officially launched it.

According to the NHTSA (National Highway Traffic Safety Administration), by the end of the Wednesday work day dealers had submitted 22,782 claims for a total of $95.5 million. 

At that rate the program will run out of money long before the planned CARS (Car Allowance Rebate System) expiration date of November 1st. Reuters cites Bailey Wood, a spokesman for the National Automobile Dealers Association, who speculates the program will run out of funding before the date.

The Cash-for-Clunkers legislation had been criticized heavily before being passed for not being sufficiently funded. 

The good news out of this is that if the CARS rebate system is used up (early or not) it is expected to generate as many as 250,000 car sales – something which should help speed up an economy that already shows signs of recovering.

Reuters cites an unnamed inside government source for the tip, who says the CARS program wil be suspended shortly. There is no word on if there are plans to find additional funding and re-instate Cash-for-Clunkers at a later date.

[Source: Automotive News]

In a bid to get inventory moving out of showrooms in a hurry, Chrysler has decided to offer a new incentive program that would double the value of the government’s cash-for-clunkers program.

Chrysler will offer $4,500 off (or 0 percent financing for 72 months) on most of its 2009 inventory – excluding the Dodge Challenger, Sprinter, Jeep Wrangler and all SRT products. The $4,500 incentive is even available on vehicles that do not meet the requirements for the cash-for-clunkers program, which was recently signed off on by President Obama.

Cash-for-Clunkers, or CARS (Car Allowance Rebate System) gives a $4,500 rebate on a new car when it gets 10 mpg or more better fuel mileage than the one traded in. The rebate is $3,500 on vehicles that get 4 to 9 mpg better or trucks that get 2 to 4 mpg better.

Chrysler, now under new leadership from Italian automaker Fiat is hoping the incentive will help sales rebound. Chrysler has been hit particularly hard this year with sales down 45.7 percent for the first six months.

When combined, these two offers mean a $17,090, Dodge Caliber SE could leave showrooms for as little as $8,090.

Chrysler’s “Double Ca$h for Your Old Car,” incentive starts tomorrow and runs through August.

[Source: Automotive News]

Hyundai is the first automaker to start accepting trade-ins under the pending Cash-for-Clunkers legislation, and during the first week of trade-ins CARS (Car Allowance Rebate System) rebates have accounted for seven percent of all sales for Hyundai Motor America.

While the Cash-for-Clunkers incentives have yet to be finalized by the U.S. government, automakers have been given a guarantee that all CARS trade-ins would be honored retroactively until July 2nd. In the mean time, Hyundai corporate is offering its dealers loans to cover the difference so customers can walk away with a new Hyundai at a significantly reduced cost.

The CARS legislation gives a $4,500 rebate on a new car when it gets 10 mpg or more better fuel mileage than the one traded in. The rebate is $3,500 on vehicles that get 4 to 9 mpg better or trucks that get 2 to 4 mpg better.

The most popular CARS purchase at Hyundai is for the Elantra compact car (pictured above), which accounts for 41 percent of all CARS deals at Hyundai in the first week. One reason for this as that customers can walk away with an Elantra for just $8,620 after trade.

The Sonata mid-sized sedan is the next popular purchase. In total Hyundai has 13 vehicle/engine combinations that are eligible for rebates under the CARS legislation, including the 2010 Genesis Coupe 2.0T.

“The early response we’re seeing demonstrates the CARS program is working, with inefficient gas guzzlers being traded-in for fuel-efficient Hyundai models,” said Hyundai Motor America CEO John Krafcik.  “We expect overall sales from this program to grow as consumer awareness increases – it should surpass ten percent of our retail sales this month.”

As for the vehicles traded in, Hyundai’s data shows that 32 percent of all clunkers are Ford products, while 23 percent are Dodges. Surprisingly, the list of clunkers also includes models from such prestigious brands as Jaguar, Lexus and Mercedes-Benz.

Official release after the jump:

Continue Reading…

The Canadian government is currently examining if it will pass a cash-for-clunkers bill that could see consumers get up to $3,500 (CDN) towards a new car when they trade in their older and less fuel-efficient model.

Environment Minister Jim Prentice said a decision on the matter will be made within the next 60 days, as the government continues to be pressured by automakers. The government has also received added pressure after U.S. President Barack Obama signed off on a similar program last month that would see U.S. consumers get as much as $4,500 (USD) towards a new car when they trade in an old one with poor fuel economy.

Automakers are pressuring the government to help out in an effort to boost auto sales. Vehicle sales in Canada, however, are not suffering to the same extent that they are in the U.S. According to the Association of International Automobile Manufacturers of Canada (AIAMC), vehicle sales were down just 13.2 percent in June with year to date sales down 18.3 percent. Passenger vehicle sales were down 22.9 percent, while light duty truck sales were actually up 1.5 percent.

[Source: The Vancouver Sun]

After passing through both the Senate and the House, the Cash-for-Guzzlers bill has been signed by President Obama. Known also as Cash-for-Clunkers, the official name of the legislation is CARS – the Car Allowance Rebate System.

Vehicles that are traded in must get 18 mpg or worse and be newer than 25 years old. For those who trade in their guzzler for a vehicle that gets (on average) 4 mpg more will receive a $3,500 voucher toward the new car, while those who choose a vehicle that gets 10 mpg more than their current auto will receive the full $4,500.

The rules are slightly different for trucks as the full $4,500 voucher will be available for gas guzzling trucks when traded in on a new truck that gets 5 mpg more.

The hope is that this new legislation will boost auto sales. Similar initiatives (but which target old cars and not gas guzzling ones) have been a huge success in countries like German.

The CARS act will take effect at the end of July.

Those looking for more info can visit the CARS website here:

http://www.cars.gov/

[Source: Automotive News via Autoblog]

Honda is warning that it may not meet its forecasted sales target for the all-new 2010 Insight hybrid and is citing both the worldwide recession and the low cost of gas as factors.

The Japanese automaker set an ambitious target of 200,000 units for the car’s first year, with almost half of those vehicle sales being in the U.S.

“Given some dramatic change in things, I don’t think we’ll get to 90,000. At 50,000 to 60,000, we will be just fine,” said Honda America VP John Mendel to Bloomberg. Despite this news Honda is not updating its forecast.

According to a Reuters report Honda is also concentrating on sales in Japan right now, as unfavorable exchange rates with the U.S. mean that profit margins are slim for cars sold in the U.S.

In Japan, the Insight was the best selling car in the month of April, but Honda lost that title in May to the 2010 Toyota Prius.

U.S. Insight sales may get a significant boost in the second half of 2009 if the Cash for Guzzlers legislation comes into effect. With an average fuel-economy rating of 41 mpg, the Insight will be an ideal candidate for those looking to get a deal as they trade in their high-mpg car or truck.

The Cash for Guzzlers bill gives as much at $4,500 for new vehicles that exceed the traded-in vehicles’ fuel-economy rating by 10 mpg. And at a starting price of just $19,800, there are a lot of 31 mpg cars that can be traded in to make that total just $14,300.

[Source: Automotive News]

According to a Hall & Partners survey performed on behalf of Hyundai, the delay in passing a “Cash for Clunkers” bill is costing the U.S. auto industry as many as 100,000 lost sales each month.

The survey results showed that 38 percent of potential new car buyers were aware of a pending “cash for clunkers” bill and that 11 percent of buyers were delaying their purchase until the bill is passed.

Considering an average of 1 million monthly sales, this accounts for roughly 100,000 lost sales.

“With sales in the U.S. auto industry forecast at the lowest levels in 26 years, it’s imperative that we move forward with this stimulus bill,” said Hyundai Motor America President John Krafcik. “The auto industry makes up 10 percent of the consumer portion of the country’s gross domestic product. Any stimulus to the auto industry will make a major improvement in the overall U.S. economy, which remains severely depressed.”

“The longer this bill, which is so important to the U.S. economy, remains stuck in Congress the greater the pressures placed on all aspects of the U.S. automotive industry – from suppliers to manufacturers to dealers. We urge Congress to move quickly so that American consumers can benefit from this program during the peak summer selling season,” said Krafcik.

Yesterday results of car sales for the month of May were released showing a decrease of 33.7 percent as compared to the same period a year earlier.

Official release after the jump:

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