U.S. Auto Sales Drop Sharply in October

U.S. auto sales fell sharply in October, Bloomberg reported.

General Motors Corp., Ford Motor Co. and Toyota Motor Corp.’s U.S. sales all declined as reduced access to loans and a weaker economy hurt sales, Bloomberg said.

GM said its sales of cars and light trucks fell 45% from a year earlier, while Ford reported a 30% decline and Toyota a 23% drop, Bloomberg reported.

Honda Motor Co.’s sales fell 25% and Nissan Motor Co.’s declined 33%.

Chrysler LLC may post a 38% decline, according to analysts’ estimates, Bloomberg said.