Cash for Clunkers Funding Evaporates
Cash for Clunkers is running out of money, at least thatís what dealers and consumers nationwide are saying. With an estimated 20,000 dealers accepting trade-ins for CARS credits and only 1 billion in funding, Cash for Clunkers math dictates that demand will far exceed the supply. If each participating dealer has booked 10 sales under the CARS program, 200,000 cars of the estimated 250,000 will have been sold by today.
Car dealers are already reporting upwards of 30-50 deals that already came in since the start of the program. Greenway Dodge in Orlando Florida says that have already completed 38 Cash for Clunkers deals. According to Conrad Letson, General Manager, ďTraffic to our store nearly tripled since the program started. This Saturday we spoke with over 100 people looking to make a Cash for Clunkers deal. On a typical Saturday we might see about 35.Ē
Other dealers across the country are reporting the same overwhelming statistics. According to Stacy Blackwell, Vice President of Bill Dodge Auto Group in Maine, ďThe response to the CARS program has been overwhelming. We had 50 plus orders ready to go prior to the Friday launch date, did another 20 over the weekend and they just continue to roll in. If it is being this well received by consumers across the country I cannot imagine the funds will be available for long.Ē
The staggering response to the program leads many to wonder; will the governmentís Cash for Clunkers program need its own government bailout? And if so, how quickly can congress get additional money to support the demand. The momentum is picking up quickly as national ads on the radio and TV continue to flood the markets.
The NHTSA website located at www.cars.gov will be posting the amount of remaining funds in the program. The momentum of back-logged sales could mean that the NHTSA countdown clock with have a very short lifespan.
While funds continue to dry up, consumers are also petitioning for changes to the billís language. Those with clunkers that did not qualify for the program based on standardized fuel ratings are lobbying for more flexible language in the billís provisions.
An online petition with over 3,000 registrants will be sent to the billís original sponsors. To petition for more flexible regulations and more Cash for Clunkers funds, visit http://www.nocashforclunkers.com/
Consumers can follow updates to the Cash for Clunkers bill on a popular consumer website that has been following the Cash for Clunkers bill since May: http://www.cashforclunkersfacts.com .
Live Twitter updates are also available at http://twitter.com/cashclunkers
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