U.S. auto sales started off strong over the Labor Day holiday weekend, but have since dropped significantly, according to analysis by car-buying guide Edmunds.com.
Auto sales braked sharply in August, starting out strong, then slowing to a level that may be the lowest in 28 years. The weak economy made nervous consumers hesitant to buy, despite the bevy of end-of-model-year deals.
July was a mixed bag for auto sales, with sales improving, but not as much as the abundance of incentives for would-be car buyers led industry watchers to expect. But if August car sales continue on track, it may be the best month of 2010 so far, Edmunds.com reports.
BMW, the largest maker of luxury cars in the world, announced that its profits rose sharply from %u20AC119 million last year to %u20AC831 million ($1.1 billion) in the second quarter.
Analysts' expectations are that sales rose to the highest levels of the year last month as increased automaker incentives lured bargain-hunters.
DailyFinance's Peter Cohan has found that certain models of BMW's 335 and 535 might have faulty fuel pumps that can result in diminished engine power or a complete stall. No recalls are in effect. And so far, no one has been seriously hurt. What happens if that changes?
Germany's economy may be struggling right now, but one of the country's premier automakers sees brighter days ahead. BMW said Tuesday it expects pretax profits this year to "rise more sharply than previously forecast," driven by better-than-expected vehicle sales.