GM, Ford, Chrysler Lose Sales of 1 Million Pickups, SUVs a Year
June 4 (Bloomberg) -- Ken Thompson never had much trouble selling Silverado pickups at Classic Chevrolet in Grapevine, Texas, the largest U.S. truck dealership. Today, at the 23-acre, 2,000-vehicle lot near Dallas, customers walk away from deals at $16,988, a third off the sticker price, he says.
``It's the deepest discount we've seen in many months,'' says Thompson, the manager of fleet sales. The problem isn't sticker shock, he says. It's pump paralysis. ``You fill up one of these and it costs over $100,'' Thompson says.
Multiply Classic's slump by declines at the 14,293 other General Motors Corp.
, Ford Motor Co.
and Chrysler LLC dealerships in the U.S., and the scale of the financial disaster facing them emerges. Pickups and the larger lines of sport-utility vehicles aren't just Detroit's biggest chunk of revenue, they have generated almost all of the industry's operating income, says John Casesa
, an analyst for Casesa Shapiro Group in New York.