Word: motorization
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...credits for scrapping old cars - moves designed to encourage consumers to purchase new vehicles. And it's not just Detroit that's hurting. "We would be in favor of some kind of action if it was across the board," says Irv Miller, vice president of public relations for Toyota Motor Co., which saw its sales drop 26% last month in spite of ongoing zero-interest financing deals...
Carmakers are also moving up year-end-sale promotions in a bid to get consumers back to the showroom. "We'll see the year-end events start as soon as the election is over," says Jim Farley, vice president of sales and service at Ford Motor, where sales dropped 30% last year...
...Toyota Motor Co., despite its financing deals and a heavy advertising schedule, reported that sales of its SUVs dropped 32% and sales of its pickup trucks fell 42%. Even sales of the ubiquitous Toyota Camry took a hit. "Right now the market is quite challenged," says Robert Carter, Toyota's vice president of sales, noting that even lower gasoline prices have failed to excite consumers...
Less than two weeks ago, as Bank of America execs were entertaining clients and employees over the roar of their namesake 500 mile NASCAR race at the Lowes Motor Speedway just outside Charlotte, the city's other hometown bank, Wachovia, was coming to terms with its own mortality...
...General Motors is 100 years old this year, but its chances of reaching 101 as an independent company seem to be diminishing. GM is running out of cash and ideas and pursuing merger talks with Chrysler, which is also talking to Nissan. Ford Motor Co. this year celebrated the 100th anniversary of the Model T, an invention that significantly altered almost every aspect of American life from shopping to sex. But Americans are doing demonstrably less of the former when it comes to cars. Sales are braking quickly, and this month are expected to be at their lowest level...