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November 11, 2009

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Deals fail to improve auto sales

Thursday, Aug. 28, 2003 | 9:08 a.m.

DETROIT -- Auto companies spent a record amount on incentives in July, yet their vehicles sat unsold on dealers' lots for a record length of time.

Moreover, Ford Motor and the Chrysler Corp. lost market share in July, though the average incentives for Detroit's auto companies grew to the highest level ever, according to tracking firm Edmunds.com.

Edmunds estimates that car companies spent an average of $2,668 per vehicle on rebates, interest-free loans, lease deals and other discounts last month, up $519 or nearly 25 percent from last July. But Edmunds said the average time a vehicle spent in the showroom before being sold rose to 78 days in July, up from 54 days at the start of the year.

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