by Mike ‘Mish’ Shedlock
General Motors, Toyota, and Chrysler all report steep declines in auto sales. On the plus side, the results were better than many expected.
Despite Deals and Covid-19 Stimulus sar sales plunged a record amount. But due to factory shutdowns and stimulus offers, dealer inventories are lower than normal.
Second-Quarter Sales Drop
Auto sales in the second-quarter are down by about a third according to the Wall Street Journal.
General Motors Co.reported a 34% drop in second-quarter sales compared with a year ago, with demand picking up in May and June. Toyota Motor Corp.’s sales fell by about a third while Fiat Chrysler Automobiles reported a 39% decline.