Guide Note

July 1, 2008: The three biggest auto retailers in the U.S. announced that sales for June 2008 were down dramatically. High fuel prices and gas-guzzling vehicles were blamed. The result has been an increase in demand and subsequent shortage of smaller, more fuel efficient cars.

Fast Facts

1. General Motors reported a 19% drop in sales
2. Ford reported a 28% decline
3. Toyota reported a revised drop of 11%
4. Honda and Volkswagen reported a slight increase in sales
5. Demand is up on economy vehicles

With the national average price of gasoline hovering at the $4.00 per gallon mark, auto makers blamed the continued slide of sales numbers on this economic variable. The vehicle models that have seen the biggest down-turn are large trucks and SUVs.