August 20th, 2009
Cash for clunkers: what's new?
IT’S ALL OVER, FOLKS. CASH FOR CLUNKERS ENDS MONDAY, AUGUST 24. Do auto dealers have any cars left to sell on this final CFC weekend?
At least six automakers, including the three based in U.S., are increasing production to replace the more fuel efficient cars peddled under the “cash for clunkers” program in the U.S. Meanwhile, some automakers are remibursing local dealers so they don’t have to wait for the clogged federal machinery to print out the rebate checks. Can’t expect dealerships to go to the bank for a carry-over loan these days. Because of the slow payments from the government, some dealers opted out of the “cash for clunkers” (CFC) program even before it runs out of money.
I just blogged about the uplift CFC has had on hybrid sales in the U.S.
Meanwhile, it looks like the entire $3-billion provided by the federal government has been used up by the scramble to take part in CFC.
Some dealers are trying to continue with a privately-funded program of rebates. And Congress isn’t even in Washington now to respond to perhaps the most popular new law in years.
A newsman since 1969, Harry Fuller has worked for CBS, ABC, CNBC Europe, CNET and was founding news director at TechTV. See his full profile and disclosure of his industry affiliations.
Subscribe to GreenTech Pastures via Email alerts or RSS.
