Auto Sales Prove No Bottom For Industry Yet
Want proof of just how bleak things are for the economy and automakers?
The July sales rate dropped to it's lowest level since April of '92. Last month, the sales pace was 12.55 million. More than a million units slower than June.
And unlike June nearly every automaker was down in July. When you adjust for two extra sales days, here's how much sales dropped:
Chrysler: down 34.2%
GM down 32.4%
Ford down 21.5%
Toyota down 18.7%
Honda down 9.2%
You get the point. The consumer has hit the brakes. In April and May, sales faltered for trucks and SUVs. In June, cars started to show some weakness. Now, after looking at July, it's clear people are holding back on purchasing any vehicle. Car, truck, SUV, crossover, it doesn't matter. People are reluctant to sign on for a major buy or an auto loan that will tie them up for 4-5-6 years.
Have we seen the bottom in the auto market? Based on July sales, I say no.
Questions? Comments? BehindTheWheel@cnbc.com