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Michelle Wright: If you are in the market for a GM car, now it's the time to head to the dealership. The company announced price cuts for 80% of its fleet. However, according to auto industry analyst Mike Chan, those cuts weren't too surprising to some industry insiders.
Mike Chan: This is something that General Motors has, has announced in the past that they are going to actually lower...um...figure price in the cross board to combat incentive. So what we are seeing right now is not a huge surprise to anyone in the industry.
Michelle Wright: The price cuts exclude the Sob Hummer and Saturn Models, meanwhile, at this year's Auto Show, Motor Trend Magazine's editor-in-chief Engels McChancy says, 'Automakers are introducing 36 new vehicles as the end of the SUV era is ushered in.'
Engels McChancy: What's interesting this year is the quality rather than the absolutely quantity. We're seeing some very significant new cars launched and some very interesting concept cars that are almost certain to be put into production.
Michelle Wright: Crossover vehicles which ride lower to the ground than sport utility vehicles, but offer similar interior comfort are expected to outsell SUVs in the US this year. More than a million in five months, a 21-year-old British college student is about to cross that milestone. Alextuth, a million-dollar homepage.com is almost completely sold out, in August to launch the site where he sold individual pixels for a dollar shot, the last thousand are now being auctioned on eBay.
Michelle Wright: And it looks like we all continue to struggle with debt here in the US, reports our Ed McCharcy.
Ed McCharcy: The American Bank Association says the number of delinquencies on consumer debts stay near record levels, although decreasing slightly from July to September last year. Jim Chesson says even with the slight reduction, consumer card delinquencies are the third highest level on record.
Jim Chesson: There still are signs of financial stress though, and that show concerns that...
Ed McCharcy: The Fed's raised interest rates 13 times since June, 2004. It could raise rates another quarter point at the next meeting January 31st, Ed McCharcy, CNN.
Michelle Wright: With CNN Radio Marketplace, I'm Michelle Wright.
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WORDS AND EXPRESSIONS:
usher in: to cause something new to start, or to be at the start of something new
sold out: if a shop or store is sold out of a particular product, it has sold all of that product |