U.S. Auto Sales Plunge in September

Automakers saw their U.S. sales plunge in September as credit tightened and the economy remained sluggish, Bloomberg reported.

Ford Motor Co.’s sales fell 34.6%, led by a drop in its truck sales. Sales fell 27% at Toyota and 24 percent at Honda, Bloomberg said.

Chrysler LLC’s sales fell 33%, Nissan’s declined 37% and General Motors Corp.’s fell 16%, as it offered “employee discount” pricing to its customers.

Dealers reported customers were having trouble qualifying for loans under stricter credit guidelines from banks and finance companies, Bloomberg reported.

The annual sales rate for September could fall to 13 million cars and light trucks, compared with a 16.2 million rate a year ago.