Auto Sales: Worst February in 40 Years
GM is the biggest loser, with new-car sales down 53%. And carmakers are finding that even lavish incentives aren't stopping consumers from buying used cars
The sales rate of 9.1 million cars sold was the worst February performance in 40 years as a dismal economy warded nervous consumers away from showrooms. Car sales fell 41% for the month; General Motors (GM) was the biggest loser, with sales falling 53%. Ford Motor (F) also took a big fall, as sales dropped 48%. Toyota's (TM) U.S. sales fell 40% and the company has asked the Japanese government for $2 billion to help its finance arm write car loans.
