US auto sales expected to drop in August
DETROIT (AP) — U.S. sales of new cars and trucks were expected to drop in August, ending summer on a low note for the auto industry.
After six straight years of growth — and record sales of 17.5 million new vehicles last year — the industry has been bracing for a plateau as consumer demand wanes.
Demand is softening despite model year-end clearance sales, low gas prices, low interest rates and other enticements.
GM has cut back sharply on low-profit sales to rental car companies, which accounts for some of the losses.
Ford's best-seller, the F-Series pickup, saw a 6-percent sales decline as the company prepares to launch new heavy-duty trucks.