Deals Seen Boosting July U.S. Auto Sales
Between interest-free loans of up to five years and cash rebates as high as $7,000, automakers appear to have kept their U.S. sales running at a healthy rate in July, albeit at a high price to their profits, according to a Reuters story by Justin Hyde.
While industry analysts' predictions for sales results vary widely, the average forecast calls for a seasonally adjusted annual rate of 17.3 million vehicles in July, with an increase in volume over July 2001 of a few percent. And all credit the strength of the market to zero percent financing deals and high rebates offered by General Motors Corp., Ford Motor Co. and DaimlerChrysler AG's Chrysler arm.
All three are averaging about $2,600 per vehicle sold in incentives, according to analysts, and the average number doesn't reflect
some of the new highs being reached as automakers try to clear out 2002 models before 2003 versions reach dealers' lots.
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