Auto sales, which were weak over the past 11 months, simply went into freefall in September:
- Ford Motor posted a 34% drop. Their truck and van sales fell 39%, SUV sales plummeted 57% and F-series truck sales dropped 42%.
- Honda reported a 24% decline in sales;
- Toyota U.S. Sept. sales drop 32.3%, light truck sales dropped 38%
- Lexus sales -- Toyota's luxury nameplate -- fell 37.7%;
- Chrysler U.S. September sales fall 33%
- Volvo sales slumped 51.8%;
- Porsche tumbled 45%;
- General Motors sales down 15.6% (better than the expectations of -26%)
In a related Reuters story, a new study says that nearly 1 in 5 car dealerships could fail.