DETROIT Reuter: Sales by the U.S. car industry soared to record levels in the first 10 days of September aided by lows interest loan and cash rebate promotions company spokesman said.
Industry leader General Motors (GM) which triggered the buying stampede late last month by offering 2.9 per cent loans on the 1986model vehicles reported that early September marked the best period for Selleck’s in its 78 year history.
Wo Carmaker Ford which also is offering cut rate financing said its sales of both cars and trucks were the best ever per early September with a five per cent improvement for cars and a 76 per cent jump for trucks from a year ago.
GM sales vice President James Vorhes called the low interest campaign effective market stimulation activity in auto sales history.
The program was introduced by GM to reduce bloated stockpiles of more than a million unsold 1986 model cars and trucks and pave the way for dealers to start selling 1987 models in October.
Article extracted from this publication >> September 19, 1986
