It’s hard to imagine that words like “U.S. sales bonanza” were ever used to describe anything that happened in 2009. But they were.
The Car Allowance Rebate System, also known as cash for clunkers, was a lifeline at a desperate time in the U.S. auto industry. Consider this: When U.S. vehicle sales fell 28 percent in June of that year, the drop wasn’t seen as being so bad. Every other month that year had been worse.
“We were getting our teeth kicked in,” recalled Paul Lunsford, a Toyota dealer in Orange County, Calif.
Cash for clunkers changed that, if only for a couple of months.… Read more