Dealers will control US auto clunker trade-ins

Newswire

WASHINGTON, June 24 (Reuters) - U.S. auto dealers will determine whether consumers receive markdowns on new vehicle purchases under the $1 billion federal "Cash for Clunkers" program President Barack Obama signed into law on Wednesday. The initiative to help reverse a sharp slide in U.S. auto sales this year will take effect in 30 days under direction of the Transportation Department. Congress funded the program through Sept. 30. Proponents hope the measure prompts up to 250,000 ...

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