Major automakers' October sales fall more than 20%

That's the story for October as the major automakers all reported U.S. sales declines of greater than 20% for the month compared with a year ago.

Citing "challenging external conditions," Ford Motor Co. reported a 29% drop for the month, moving 129,121 cars and light trucks, while General Motors Corp. was down 45%. Among big imports, Toyota Motor Corp. sales were off 21%, and Honda Motor Co. was down 26%.

Other automakers, including Nissan Motor Co. and Chrysler, are expected to release their results throughout the day.

"Clearly the financial crisis that afflicted Wall Street earlier this year is now being fully felt on Main Street," said Mike DiGiovanni, GM's executive director of global market and industry analysis.

Analysts expect October's sales to be the worst monthly showing yet in what has been a terrible year for carmakers. Through September, overall U.S. car sales were down 12.8% -- meaning more than 1.5 million fewer vehicles were sold nationwide in the first nine months of this year, compared with the first nine months of 2007.

Carmakers have been buffeted by soaring gasoline prices, plummeting consumer confidence and, most recently, frozen credit markets that have made it difficult for dealers to acquire inventory and consumers to get loans for car purchases.

Ford's chief sales analyst, George Pipas, said he expected industry sales to drop 30% on the month and suggested that for the year, total sales could dip below 14 million vehicles. Last year, total sales were 16.1 million. GM also predicted a 30% decline.

All but one of Ford's vehicles declined in sales for the month, with even formerly hot-selling cars such as the compact Focus falling 18.2%. Vehicles in the sport utility vehicle and crossover segments were hit the hardest. The Edge crossover, a star for Ford just a few months ago, declined 58% compared with last October, with only 5,951 selling, compared to over 14,000 a year earlier.

Oddly, the Lincoln Town Car showed a sales jump of 140% on low volume, to 1,146 sold.

"There are not hot segments or really hot products now," Pipas said.

Bensinger is a Times staff writer.

ken.bensinger@latimes.com