Word: cashes
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Dates: during 2000-2009
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...Federal Government estimates 240,000 vehicles have already sputtered off the roads and into dealers' lots as part of its cash-for-clunkers program, in which consumers receive a subsidy of up to $4,500 when they trade in their older, less efficient cars for new models. The House of Representatives has already moved to keep the program going by expanding its funding, and the Senate is considering a similar measure this week. But while the initiative has proved highly popular with consumers, critics are raising concerns about the economic and environmental hazards inherent in the process of ruining...
...recyclers across the country. Because of the way dealers must destroy each clunker's engine, fewer parts are salvageable - which means less profit for the recyclers who process the automobiles. Although 60% of a car's salvage value comes from the engine and drive train, Wilson said the original cash-for-clunkers plan - the formal name is the Car Allowance Rebates System (CARS) - called for the obliteration of both. While the ARA and Congress hashed out a compromise that salvages each automobile's drive train, ruining the engine still kills about 30% of a vehicle's recycling value. For recyclers...
With its awful name and convoluted rules, the cash-for-clunkers program might well have been a flop, yet it turned into a surprising success, even inspiring many of its critics to call for an additional $2 billion in funding. One big reason: the program boosted July 2009 sales of new cars and trucks, giving the economy a bit of a lift...
...foreign carmakers such as Subaru, Hyundai and Kia, whose sales jumped 34%, 22% and 9%, respectively. Hyundai in particular was well prepared for the program from a marketing standpoint, having encouraged dealers to accept qualifying trade-ins nearly two weeks before the U.S. Department of Transportation launched its official cash-for-clunkers website. The payoff is already filtering through to workers. "Hyundai Motor Manufacturing Alabama is now increasing production by returning to a five-day workweek in July after being on a shortened workweek since mid-October," said Dave Zuchowski, vice president of national sales. (See the 50 worst cars...
...first time in months, at the expense of German and Japanese competitors. Ford emerged as one the program's biggest winners, posting a genuine sales increase for July over the same period last year; the automaker could also lay claim to the top vehicle purchased with clunker cash: the compact Ford Focus...