CarMax & Ford Motor
Ford Motor announced it will incurr a pre tax loss this year and cut production further as demand slows.
Ford receives almost 25% of its U.S. sales from F-Series pickups, including the F-150. F-Series sales have dropped 19% this year, including a 31% plunge last month.
The F-150 truck had outsold every car on the market monthly since 1992 until May, when it was overtaken by four cars made by Honda and Toyota.
CarMax, the biggest U.S. used-car retailer posted a 55% decline in Q1 profit, as income plunged 74%. The company suspended "guidance", CEO Tom Folliard:
"The weak economy, the dramatic rise in gasoline and food costs and the related impact on consumer spending adversely affected our Q1 performance."
Ford receives almost 25% of its U.S. sales from F-Series pickups, including the F-150. F-Series sales have dropped 19% this year, including a 31% plunge last month.
The F-150 truck had outsold every car on the market monthly since 1992 until May, when it was overtaken by four cars made by Honda and Toyota.
CarMax, the biggest U.S. used-car retailer posted a 55% decline in Q1 profit, as income plunged 74%. The company suspended "guidance", CEO Tom Folliard:
"The weak economy, the dramatic rise in gasoline and food costs and the related impact on consumer spending adversely affected our Q1 performance."
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