U.S. auto sales probably fell in November when buyers shunned showrooms as the economy weakened and pleas for federal aid by General Motors Corp., Ford Motor Co. and Chrysler LLC stirred concern of an automaker collapse.
“The negative news has spread,” said Tom Libby, a Troy, Michigan-based analyst at market research firm J.D. Power & Associates. Sales at all the major automakers will fall at least 10 percent, he said. The U.S. companies will report results tomorrow as they deliver plans to Congress showing how they would use federal loans to return to profitability. GM Chief Executive Officer Rick Wagoner told lawmakers two weeks ago that automakers need help before Barack Obama becomes president as a global credit crunch weighs on U.S. sales. New vehicles probably sold at a seasonally adjusted annual rate of 11 million in November, down 32 percent from a year earlier, based on a Bloomberg News survey of 26 analysts and economists.
“The negative news has spread,” said Tom Libby, a Troy, Michigan-based analyst at market research firm J.D. Power & Associates. Sales at all the major automakers will fall at least 10 percent, he said. The U.S. companies will report results tomorrow as they deliver plans to Congress showing how they would use federal loans to return to profitability. GM Chief Executive Officer Rick Wagoner told lawmakers two weeks ago that automakers need help before Barack Obama becomes president as a global credit crunch weighs on U.S. sales. New vehicles probably sold at a seasonally adjusted annual rate of 11 million in November, down 32 percent from a year earlier, based on a Bloomberg News survey of 26 analysts and economists.
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