http://www.businessweek.com/ap/financialnews/D9B2GCRO0.htm
Car sales died in September. Everyone was supposed to expect this because the other name for “Cash for clunkers” is “Buy Tomorrow’s Car Today.”
Put these pieces together:
“It was a more difficult month than we anticipated,” Mark LaNeve, GM’s vice president of U.S. sales, told reporters during a conference call.
[…]
GM’s sales plunged 45 percent to 155,679 vehicles in September, compared with a year earlier. Chrysler sold only 62,197 vehicles last month, down 42 percent.[…]
“As expected, the market returned to pre-Cash for Clunkers levels in September,” said GM’s LaNeve. “Fortunately the fourth quarter looks brighter.”
Yesterday was worse than we expected, but we expect tomorrow to be better. It’s the song of the recession.