Auto and light-truck makers said sales fell in September as waning demand after the “cash for clunkers” rebates may have cut industry deliveries to the second-slowest rate this year, Bloomberg News reported.

General Motors, Toyota, Ford Motor Co., Chrysler Group LLC, Honda Motor Co. and Nissan Motor Co. all said sales declined in September.

“We knew sales would slow down significantly after the cash for clunkers surge,” said Stephen Spivey, senior auto analyst at Frost & Sullivan in San Antonio. “October will tell you what kind of rebound comes off that dip,” Bloomberg said.

The industry is coming off an August surge that snapped a streak of monthly sales declines dating to 2007. Buyers responded to the U.S. government’s offer of as much as $4,500 to trade in older, less fuel-efficient light vehicles from July 27 through Aug. 24, with almost 700,000 purchases, Bloomberg said.

The automakers had reduced production and the success of the ‘Clunkers’ program took most of the dealers’ inventories. As a result, dealers were less willing to offer discounts for their remaining vehicles, Bloomberg said.

By Light & Medium Truck