Just last week, the U.S. Senate approved a $2 billion extension for the Car Allowance Rebate System (aka Cash for Clunkers). According to the Department of Transportation dealers have submitted 273,077 applications totaling $1.15 billion as of Monday morning.
That’s about $120 million above the figure of last Friday morning reports, Automotive News. However, the department did not say how many claims were approved or rejected and did not specify the amount that was reimbursed to dealers.
The program allowed U.S. auto sales to be down about 12 percent last month, when compared the same period last year. It has been the best performance in 2009.
– By: Stephen Calogera