Word: unsold
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...recent months the auto industry has been jolted by one of the worst sales collapses in its history. Falling production has idled one-fourth of its work force and led to a glut of 1.6 million unsold cars. To get sales rolling again, the industry is now taking two expensive gambles. By the end of this month it will have spent millions in a program of cash rebates - ranging from $200 to $600 on selected models - designed to lure reluctant buyers. For the longer term, Detroit is committing billions to an overdue drive aimed at developing and producing whole...
...companies are lavishly promoting their rebate programs. Chrysler, which is saddled with the heaviest backlog of unsold cars and was first to begin offering rebates, is spending one-fourth of its $50 million annual ad budget on a series of video spots featuring TV Pitchman Joe Garagiola in a carnival setting urging viewers to hurry, hurry, hurry to their nearest dealer. Lincoln-Mercury commercials have Green Bay Packer Coach Bart Starr sincerely touting Ford's $200 to $500 giveaways. Dealers round the country are jumping in with their own brands of salesmanship and showmanship-some of them bizarre...
...sales upswing has pulled thousands of cars out of the vast Michigan State Fair grounds outside Detroit, which until recently was covered bumper to bumper by part of Chrysler's stock of unsold cars. Chrysler's backlog has dropped from 350,000 to 300,000. Some models have been in especially heavy demand. Orders for Ford's sporty German-built Capri, which lists at a basic $3,566 and carries a $500 factory rebate, have been so great that dealers are scouting round the U.S. to find cars and are warning buyers that they may have...
...sights more dramatically mirrored the alarming slump in the nation's most important industry in recent months than the seemingly endless rows of spanking new unsold Chrysler cars cramming Detroit's huge Michigan State Fairgrounds. Then, two weeks ago, in a desperate move to boost sales, Chrysler began temporarily offering cash rebates to buyers of its new models-and set the stage for what amounts to one of Detroit's rare full-dress fire sales. Within a week, Ford rolled out a rebate plan of its own, and now the industry's giant, General Motors...
Grants was still looking for the customers to go along with the classier image it was trying to create when the recession arrived; sales dropped, unsold goods piled up-and so did Grant's interest bills. In 1973 alone, Grant's interest costs jumped from $21 million to $51 million. To unload its excess goods, Grants slashed prices by as much as 50% in pre-Christmas sales last month; as a result, total sales fell by a painful 5% in dollar terms in 1974. When the company was unable to meet a $40 million payment...