True to Ward’s mid-month forecast, “Cash for Clunkers” took buyers out of the market and slashed September’s light-vehicle seasonally adjusted annual rate to 9.2 million units from August’s government-incentive-fueled 14.1 million. It was the lowest September SAAR in the last 30 years, when the rate fell to 10.6 million in 1980 from 10.9 million the prior month in a market suffering from double-digit interest rates, soaring unemployment and rising fuel prices. Related document: U.S. ...

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