The U.S. Treasury is reporting the Cash for Clunkers program netted 700,000 auto sales.
Wow, that's a lot of car for 27 days of sales!
Economic benefits of the program will persist in coming months as carmakers replenishing inventories hire and expand production, the White House Council of Economic Advisers said.
The initiative will boost U.S. third-quarter gross domestic product by 0.3 to 0.4 percentage point and create 42,000 jobs by the end of 2009, according to the CEA’s estimate.
I hope this estimate is simply to replenish sold inventory, but still, looks like a success! (for Japan!)
Japanese automakers Toyota, Honda and Nissan accounted for 41 percent of the new vehicle sales, outpacing Detroit automakers General Motors, Ford and Chrysler, which had a share of nearly 39 percent. Toyota Motor Corp. led the industry with 19.4 percent of new sales, followed by General Motors Co. with 17.6 percent and Ford Motor Co. with 14.4 percent.
Cars, trucks and SUVs sold in July at an annual rate of 11.2 million vehicles, the first time this year the figure has crept above 10 million. That's still far below the 16 million vehicles sold just two years ago.
For comparison sake, July 2009 auto sales, before the cash for clunkers program including fleet were estimated to be 950,000 units.
Edmunds put June auto sales at 887,000.