U.S. automakers market share lowest ever

The Detroit automakers’ share of the U.S. market dropped below 50 percent in July for the first time in history, according to an analyst who tracks industry numbers.

Analysts attributed the overall auto market dip in July to high gasoline prices, declining home values, higher payments on adjustable rate mortgages and reluctant consumers.

With high gas prices and rising rates on adjustable mortgages and home equity loans, consumers simply have less money to buy cars.

“You’ve got a consumer right now that’s really being stretched,” Merkle said. “In many cases debt levels are incredibly high to the point where you’re seeing a lot of foreclosures.”

Jesse Toprak, senior analyst for the Edmunds.com automotive Web site, said that with 95 percent of the manufacturers reporting data, the market share controlled by Chrysler Group, Ford Motor Co. and General Motors Corp. fell to 49.7 percent for the month.

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