U.S. auto sales climbed in July to their highest pace in 11 months, as customers rushed to showrooms amid uncertainty about the future of the government’s “Cash for Clunkers” program, according to a story in the Wall Street Journal.
Uncertain about the future of the government’s Cash for Clunkers program, consumers rushed to car dealers in July, spurring the biggest increase in auto sales in 11 months, according to a story in the Wall Street Journal.
Written by Andrew Grossman and Matthew Dolan, the story says that car makers, the Obama administration and the Senate fce tough decisions about how to respond to the clunker program’s success. The administration stepped up its effort on Monday to convince Senators to approve $2 billion more in funding before the August congressional recess. The House has already approved a $2 billiion extension, the story says.
Manufacturers signalled that they will increase production to restock showrooms. This move could spur business activity at auto company suppliers, the story says.
WSJ Online subscribers may read the full story here.