Auto sales growth dropping

Year on year automobile sales growth decreased to 1.1% in July, the fifth month in a row sales growth declined, according to the National Passenger Car Market Information Association. Sales figures for passenger cars in July totaled 163,252 units compared to 161,502 units during the same period in 2003. During the first seven months of 2004, vehicle sales growth was 24.4%. In 2003 the rate was 70% for the same period. Analysts said that declining sales were linked to recent price cuts and that consumers will likely wait for prices to drop even more before purchasing new cars.