Ray LaHood, chief of the Department of Transportation says drivers are stoked about the government’s latest gift to automakers, the cash for clunkers program. The website for cash for clunkers got 400,000 hits in a week!
Of course people are interested, Ray. Throw money in the street, people will go pick it up.
Bloomberg: A U.S. “cash-for-clunkers” Web site got 400,000 hits in a week, signaling “huge interest” in the discount trade-in program for cars and light trucks, Transportation Secretary Ray LaHood said.
Consumers will be able to visit auto dealer showrooms as early as July 24 for credits of as much as $4,500 to purchase or lease new vehicles under federal rules now being crafted, LaHood said in a telephone interview yesterday.
“There are going to be thousands of cars sold that would’ve never been sold,” LaHood said. “This is the strongest incentive I have ever seen offered by car manufacturers. If this doesn’t work, I don’t know what will…”
The federal program, commonly referred to as cash-for- clunkers during congressional debates, lets consumers get the new-car credit for turning in a lower-mileage vehicle to be scrapped. The $1 billion in federal subsidies may spark 250,000 new car sales, U.S. lawmakers have said.
“When 400,000 people hit a Web site in seven days there’s a lot of interest,” LaHood said in the interview. “Whether that translates into 250,000 car sales, I think we don’t know.”
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