April 2 (Bloomberg) -- U.S. auto sales tumbled 37 percent in March, less than analysts estimated, as record incentive spending helped blunt the effect of job losses and low consumer confidence.
Enough buyers trickled back to showrooms to keep General Motors Corp., Toyota Motor Corp., Ford Motor Co., Chrysler LLC, Honda Motor Co. and Nissan Motor Co. from even bigger decreases after the annual sales rate plunged to a 27-year low in February.
The results spurred optimism that the industry’s 17-month slump in deliveries may be reaching a bottom while underscoring the weak demand that clouds the recovery plans for GM and Chrysler. President Barack Obama told them to “fundamentally restructure” or lose the federal loans keeping them alive.
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