Cash for Clunkers Needs More Funding



Source: http://www.reuters.com/article/businessNews/idUSTRE56U0GR20090731

Reuters.com - July 31, 2009

Situation
$1B Cash for Clunkers program out of money
Dealers sold nearly 250K vehicles since program started in early July
Program designed to revive slumping auto sales, remove gas guzzlers
Significant Points
Program was to be suspended but White House sought new money
About 16K dealers were eligible for program
NADA says each would have to sell 12 vehicles to reach funding limit
Some lawmakers want more fuel efficiency requirements before approving more money
Not clear how program has affected automakers that sell fuel-efficient cars
Says
"We hope there's a will and a way to keep the program going a bit longer. Any doubt that the program would jump-start auto sales is completely erased." -- statement, General Motors