The federal government said it would end cash-for-clunkers rebates at 8 p.m. Monday, after high consumer demand threatened to drain the new-car discount program weeks earlier than expected.
Obama administration officials had initially expected the $3 billion program to last through Labor Day, Sept. 7. But a big wave of summer buyers, as well as administrative bottlenecks, prompted officials to end the program early.
The White House has no plans to seek congressional approval for more funding, a senior administration official said.(…)
New-vehicle retail sales in August are forecast to cross the 1 million mark for the first time in the past 12 months because of the program, according to J.D. Power and Associates.
GM said its sales alone over the past two months have exceeded internal forecasts by more than 60,000 vehicles, largely because of the clunkers program, Mark LaNeve, vice president of U.S. sales at GM said in a statement Thursday.
Related posts:
- CASH-FOR-CLUNKERS PROGRAM GETS $2B MORE
- ‘Cash for Clunkers’ Runs Out of Gas
- Cash-for-Clunkers Clears Hurdle
- End in Sight for ‘Clunkers’
- MARKETING PLOY FOR CASH FOR CLUNKERS PROGRAM
Related posts brought to you by Yet Another Related Posts Plugin.
