August worse than July on auto sales

Posted on Tuesday, 2 September 2008 , 04:09:46 byEmil

Filed under augustjulysalesdeclineNoneGMChryslerHonda

August worse than July on auto sales

Although this months, June and July were the worst in recent new auto sales history, it looks like August is shaping be even worse. So gas receded from the record high of 4.11 Dollars in June, but the high gas costs have left clearly a bad taste on clients’ mouths.

Edmunds reports that August will be seeing a 14.4 % decline on new auto sales. That promises a sharper decline, not like in July, with sales drop by 13.2 %, and well below that overall market – that's down 10.5 % via July.

As predicted, the Big Three are now primed to be the biggest losers in August. Chrysler will see likely the greatest falloff – having sales falling by 34 % – although GM would not be too far away behind with a decline in of 27.5 %.

“GM’s employee-discount promotion enabled it to lessen the impact,” Edmund’s Jesse Toprak said to the Automotive News. “It would have been more than 35 percent without the incentives in the last part of August.”

Despite yet another disappointing, bad month for GM and Chrysler, both Nissan and Honda are expected posting slight gains.

The car industry as a whole, the American market is not expected for a rebound until the end of next year.

Complete sales results of August will be unveiled on September the 2nd.