CARS - In Canada last month General Motors Canada had a 46.6% drop in sales, their lowest level in 20 years. Sales at Chrysler slid 33.7% and Ford sales also dropped 14.2%. Overall car sales in Canada dropped 25.3% in January compared to last year, the worst January sales in Canada since 1988.Gloomy sales numbers came as a CAW union official suggested GM could close its operations in Oshawa Canada if workers don't accept concessions soon. GM declined to comment. GM is already closing a nearby truck plant in May because of the sharp downturn in demand for pickups in the United States.
Even Honda (down 37.1%), Nissan (down 16.1%), Mazda (down 12.3%) and Toyota (down 2.7%) are feeling the pinch as car sales plummet across the board.
Only Hyundai had a 1% increase.
In the United States, Chrysler's sales plunged 55%; General Motor's 49%; Ford's 40% and Toyota's 32%. American car sales have hit a 27 year low, at 1982 levels.
The problem is that consumers can't get bank financing to buy a car and dealers are turning potential buyers away. The same is happening for leases as companies refuse to lease cars out because they can't get the financing.
In other news the mechanic business is doing well as people are keeping their older cars on the road longer.
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