The automotive loan asset-backed securities (ABS) market is slowly rebounding with the help of the federal Cash for Clunkers (C4C) program, which created an uptick in the new vehicles sales volume, said ratings firm DBRS.
The success of “Cash for Clunkers” in August created one of the biggest aberrations in the auto industry’s sales history, leading Edmunds.com analysts to predict September’s seasonally adjusted annual rate (SAAR) of 8.8 million.
After four straight months of declines, retail sales rebounded in August, but not just because of the federal Cash for Clunkers (C4C) program.
After four straight months of declines, retail sales rebounded in August, but not just because of the federal Cash for Clunkers (C4C) program.
Edmunds.com estimated that the average automotive manufacturer incentive in the U.S. was $2,475 per vehicle sold in August 2009, down $231, or 8.5 percent, from July 2009, and down $327, or 11.7 percent, from August 2008.
The Car Allowance Rebate System (CARS) ended Aug. 25 with nearly 700,000 in car sales and rebate applications worth $2.8 billion, according to the U.S. Department of Transportation.
The federal government will end the “Cash for Clunkers” program on Monday, August 24 at 8 p.m. EDT.
Mazda North American Operations (MNAO) will issue nearly $20 million worth of advanced payments to its dealers to cover the credits earned during the federal government's “Cash for Clunkers” program.
Many New York franchised, new-car dealers are in talks to end the ‘Cash for Clunkers’ program over concerns the federal government is not approving transactions and reimbursing dealers in a timely manner, according to the Greater New York Automobile Dealers Association (GNYADA), an organization which represents 450 franchised new car dealerships in metro New York.
General Motors said today that it will begin providing cash advances to cover its dealers' Cash for Clunkers rebates until they are reimbursed by the government.
media brand
The secure and easy all-access connection to your content.
Bookmarked content can then be accessed anytime on all of your logged in devices!
Already a member? Log In