Toyota Motor Corp.'s Lexus and Bayerische Motoren Werke AG's BMW posted declines in August U.S. sales as the federal government's "cash for clunkers" incentives excluded many luxury vehicles.
Deliveries fell 22 percent to 22,892 vehicles for Lexus, the annual leader in luxury sales, Toyota City, Japan-based Toyota said today. BMW, based in Munich, reported a 24 percent drop to 19,232 for its namesake brand, the second largest.
The Car Allowance Rebate System program's fuel-economy standards ruled out some luxury vehicles and a $45,000 limit on retail prices of new autos bought under the offers made others ineligible. The incentives ran from July 27 through Aug. 24 and raised the industry to its first monthly sales gain since 2007.
"Cash-for-clunkers was a program that was not intended to boost the sales of luxury cars, so those vehicles took a hit from the program," said Joe Barker, an analyst at consultant CSM Worldwide Inc.
U.S. sales of luxury autos fell in each previous month this year, as the recession curbed consumer spending, according to Autodata Corp., based in Woodcliff Lake, New Jersey.
Sales for Ford Motor Co.'s Lincoln luxury brand decreased 38 percent to 5,874 vehicles. Dearborn, Michigan-based Ford reported a 17 percent increase in its total sales, in part because of the government incentives.
Full story
Gasgoo: auto parts source
