Auto sales are worst in 26 years

January sales tumble more than expected at GM, Ford and Toyota as rental car companies slash purchases.

NEW YORK (CNNMoney.com) — Auto sales tumbled even more than expected in January to their worst levels since at least 1982, as a pullback in purchases by rental car companies became the latest problem for the troubled industry.

General Motors reported that its sales plunged 49% from a year ago. Ford Motor said sales fell 39% at its Ford, Lincoln and Mercury brands, and 40% overall when including sales at Volvo, which Ford is trying to sell.


But it wasn’t just the U.S. automakers reporting sharply lower sales. Toyota Motor reported a 32% decrease in its U.S. sales, while sales at Honda Motor tumbled 28%.

“We are facing unprecedented times in the industry, and no auto company is immune from current market conditions,” said Dick Colliver, executive vice president of sales for American Honda, in a statement.

CNN