Author Topic: Bloomberg - "‘Cash for Clunkers’ Yielded Almost 700,000 Sales "  (Read 683 times)

240 is Back

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Car mnfg plants are hiring.  Dealerships are selling.

And the states collect a nice chunk of sales tax and license fees as well.

GigantorX

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Re: Bloomberg - "‘Cash for Clunkers’ Yielded Almost 700,000 Sales "
« Reply #1 on: August 27, 2009, 05:35:03 AM »
Car mnfg plants are hiring.  Dealerships are selling.

And the states collect a nice chunk of sales tax and license fees as well.

Great.

But the demand is temporary. The biggest recipient of Cash for Clunkers purchases, Toyota, has announced that they are cutting production by 1 million cars.

drkaje

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Re: Bloomberg - "‘Cash for Clunkers’ Yielded Almost 700,000 Sales "
« Reply #2 on: August 27, 2009, 06:13:37 AM »
How many dealerships were not paid?

How much new debt have people taken on considering the amount of jobs being lost each month?

First rule of holes: when you're in one, stop digging. I just don't believe it's possible to borrow oneself out of debt.

BM OUT

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Re: Bloomberg - "‘Cash for Clunkers’ Yielded Almost 700,000 Sales "
« Reply #3 on: August 27, 2009, 06:18:40 AM »
How many dealerships were not paid?

How much new debt have people taken on considering the amount of jobs being lost each month?

First rule of holes: when you're in one, stop digging. I just don't believe it's possible to borrow oneself out of debt.

Who cares if the dealers were screwed,the unions are what counts to libs.

Soul Crusher

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Re: Bloomberg - "‘Cash for Clunkers’ Yielded Almost 700,000 Sales "
« Reply #4 on: August 27, 2009, 07:56:13 AM »
Car mnfg plants are hiring.  Dealerships are selling.

And the states collect a nice chunk of sales tax and license fees as well.

240 - you really are turning into a complete moron.  Most of the money ended up with toyota and Honda, yet we are already on the hook for GM and Chrysler.

They brought demand forward and now there will be a massive drop off in sales.  Additionally, you have hundreds of thousands of marginal people now deeper in debt. 

 

Straw Man

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Re: Bloomberg - "‘Cash for Clunkers’ Yielded Almost 700,000 Sales "
« Reply #5 on: August 27, 2009, 09:13:03 AM »
240 - you really are turning into a complete moron.  Most of the money ended up with toyota and Honda, yet we are already on the hook for GM and Chrysler.

They brought demand forward and now there will be a massive drop off in sales.  Additionally, you have hundreds of thousands of marginal people now deeper in debt.   

New York Times reports that Detroit’s three automakers — General Motors, Ford and Chrysler — accounted for 38.6 percent of the vehicles sold and  Toyota, Honda and Nissan — sold 41 percent so it was a pretty even split.

It's not suprising since most people were incentivized to buy a economical car and the Japanese auto makers have been leading that market for years

Soul Crusher

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Re: Bloomberg - "‘Cash for Clunkers’ Yielded Almost 700,000 Sales "
« Reply #6 on: August 27, 2009, 09:23:29 AM »
New York Times reports that Detroit’s three automakers — General Motors, Ford and Chrysler — accounted for 38.6 percent of the vehicles sold and  Toyota, Honda and Nissan — sold 41 percent so it was a pretty even split.

It's not suprising since most people were incentivized to buy a economical car and the Japanese auto makers have been leading that market for years


Here is another thing Straw - most people have a trade in anyway.  Why should we be giving them money to do something they would have to do anyway?  At some point they were going to have to trade in their "clunker" anyway. 

This whole concept is a complete joke when you really think about it.   

Buffgeek

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Re: Bloomberg - "‘Cash for Clunkers’ Yielded Almost 700,000 Sales "
« Reply #7 on: August 27, 2009, 09:24:42 AM »

Japanese, Koreans gain most from cash for clunkers



WASHINGTON (Reuters) - Japanese and South Korean automakers registered the biggest market share gains in the U.S. government's "cash for clunkers" program that ended this week with bankruptcy related inventory shortages hurting General Motors Co GM.UL and Chrysler.

Toyota Motor Corp (7203.T) Honda Motor Co Ltd (7267.T), Nissan Motor Co Ltd (7201.T), Hyundai Motor Co (005380.KS) capitalized on the program's goal of pushing consumers away from gas guzzling sport utilities and pickups, to more efficient cars and trucks, preliminary sales figures showed on Wednesday.

Overseas manufacturers dominate in car sales, while U.S. companies have been stronger in the light truck segment. Cars outsold trucks 2-1 under the "clunker" initiative.

Ford Motor Co (F.N) was the only domestic manufacturer to hold its own in market share compared with its performance so far this year, while GM slipped and Chrysler stumbled noticeably.

GM spokesman Greg Martin said the company, which slowed production significantly during the spring and its early summer bankruptcy, recorded brisk sales of Malibu, Cobalt and other car models in the first weeks of the program.

"We were running thin going into the summer to begin with and, as the program went on, inventory levels play(ed) a part," Martin said.

Ford was the only domestic manufacturer with top-selling models in the "clunkers" program.

Transportation Department figures on the "clunkers" incentive, which offered consumers up to $4,500 when they traded in their older vehicles for more fuel efficient new models, showed on Wednesday that total sales amounted to just under 700,000 with $2.87 billion in rebates.

All sales were to have been completed by 8 p.m. EDT on Monday. Dealers had until Tuesday evening to submit paperwork on transactions. The deadline had been extended one day due to problems with the online network set up by the government to process rebate applications.

According to the figures, Toyota's "clunkers" market share was 19.4 percent, compared with its year-to-date U.S. share through July of 17 percent. Honda captured 13 percent of the "clunkers" market compared with 11 percent for the first seven months of the year.

Nissan accounted for nearly 9 percent of "clunkers" sales compared with a January-July share of 7 percent. Hyundai was the biggest winner with a 7 percent share compared with 3 percent for the year through July.

Ford's "clunkers" sales topped 14 percent, compared with a 15 percent share for the year through July. GM reported 17 percent of "clunkers" business compared with 21 percent from January to July. Chrysler's "clunkers" share was 6.6 percent, compared with 11 percent otherwise.

Chrysler halted production for several weeks during its bankruptcy and gradually brought operations back on line. Its offers the industry's most truck-heavy lineup.

"No one had a six-month supply of cars on the ground," said Jeremy Anwyl, chief executive of Edmonds.com, a consumer resource for sales and other information about the industry. "The inventory situation for Chrysler was more extreme than for others."

Anwyl said consumer preferences for more efficiency at lower prices were influenced by recession and the four-week "clunkers" program and it remains to be seen whether all of the gains made by overseas manufacturers will translate into loyal customers


http://www.reuters.com/article/GCA-Autos/idUSTRE57P5C220090826

Soul Crusher

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Re: Bloomberg - "‘Cash for Clunkers’ Yielded Almost 700,000 Sales "
« Reply #8 on: August 27, 2009, 09:31:11 AM »
Japanese, Koreans gain most from cash for clunkers



WASHINGTON (Reuters) - Japanese and South Korean automakers registered the biggest market share gains in the U.S. government's "cash for clunkers" program that ended this week with bankruptcy related inventory shortages hurting General Motors Co GM.UL and Chrysler.

Toyota Motor Corp (7203.T) Honda Motor Co Ltd (7267.T), Nissan Motor Co Ltd (7201.T), Hyundai Motor Co (005380.KS) capitalized on the program's goal of pushing consumers away from gas guzzling sport utilities and pickups, to more efficient cars and trucks, preliminary sales figures showed on Wednesday.

Overseas manufacturers dominate in car sales, while U.S. companies have been stronger in the light truck segment. Cars outsold trucks 2-1 under the "clunker" initiative.

Ford Motor Co (F.N) was the only domestic manufacturer to hold its own in market share compared with its performance so far this year, while GM slipped and Chrysler stumbled noticeably.

GM spokesman Greg Martin said the company, which slowed production significantly during the spring and its early summer bankruptcy, recorded brisk sales of Malibu, Cobalt and other car models in the first weeks of the program.

"We were running thin going into the summer to begin with and, as the program went on, inventory levels play(ed) a part," Martin said.

Ford was the only domestic manufacturer with top-selling models in the "clunkers" program.

Transportation Department figures on the "clunkers" incentive, which offered consumers up to $4,500 when they traded in their older vehicles for more fuel efficient new models, showed on Wednesday that total sales amounted to just under 700,000 with $2.87 billion in rebates.

All sales were to have been completed by 8 p.m. EDT on Monday. Dealers had until Tuesday evening to submit paperwork on transactions. The deadline had been extended one day due to problems with the online network set up by the government to process rebate applications.

According to the figures, Toyota's "clunkers" market share was 19.4 percent, compared with its year-to-date U.S. share through July of 17 percent. Honda captured 13 percent of the "clunkers" market compared with 11 percent for the first seven months of the year.

Nissan accounted for nearly 9 percent of "clunkers" sales compared with a January-July share of 7 percent. Hyundai was the biggest winner with a 7 percent share compared with 3 percent for the year through July.

Ford's "clunkers" sales topped 14 percent, compared with a 15 percent share for the year through July. GM reported 17 percent of "clunkers" business compared with 21 percent from January to July. Chrysler's "clunkers" share was 6.6 percent, compared with 11 percent otherwise.

Chrysler halted production for several weeks during its bankruptcy and gradually brought operations back on line. Its offers the industry's most truck-heavy lineup.

"No one had a six-month supply of cars on the ground," said Jeremy Anwyl, chief executive of Edmonds.com, a consumer resource for sales and other information about the industry. "The inventory situation for Chrysler was more extreme than for others."

Anwyl said consumer preferences for more efficiency at lower prices were influenced by recession and the four-week "clunkers" program and it remains to be seen whether all of the gains made by overseas manufacturers will translate into loyal customers


http://www.reuters.com/article/GCA-Autos/idUSTRE57P5C220090826

Chalk this up to another failure of the govt. 

What a joke.  And these dope fiends think the govt can do health care? 

Straw Man

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Re: Bloomberg - "‘Cash for Clunkers’ Yielded Almost 700,000 Sales "
« Reply #9 on: August 27, 2009, 09:40:23 AM »
Here is another thing Straw - most people have a trade in anyway.  Why should we be giving them money to do something they would have to do anyway?  At some point they were going to have to trade in their "clunker" anyway. 

This whole concept is a complete joke when you really think about it.   

I've never traded in a car in my life

I always sell to a private party and I only financed one car in my life (bought the others with cash).

The reason why Japanese car makers did better is because they had the better cars (not a huge suprise)

Chrysler was in BK and halted production so it's not a huge suprise that they didn't do as well.

The American car companies didn't do as well at the Japanese but they still benefited

Why does it seem like you always look at only the negatives and nothing else

I think if you were running the country we'd no US car makers, 35% unemployment

Soul Crusher

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Re: Bloomberg - "‘Cash for Clunkers’ Yielded Almost 700,000 Sales "
« Reply #10 on: August 27, 2009, 09:49:52 AM »
I've never traded in a car in my life

I always sell to a private party and I only financed one car in my life (bought the others with cash).

The reason why Japanese car makers did better is because they had the better cars (not a huge suprise)

Chrysler was in BK and halted production so it's not a huge suprise that they didn't do as well.

The American car companies didn't do as well at the Japanese but they still benefited

Why does it seem like you always look at only the negatives and nothing else

I think if you were running the country we'd no US car makers, 35% unemployment

Im looking at the overall picture, not just the feel good spin the govt pushes on me. 

This whole program was ill concieved, ill-timed, and not thought out, and the evidence proves I was right from day one. 

We bailed out  Chrysley and GM, and even when the govt gives people 4500 of your money, people still wont buy their cars. 

You dont see a serious problem with that?