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Spain car sales nose dive in September

Source: Reuters - Mon 1st Oct 2012
Spain car sales nose dive in September

Car sales dropped further in austerity-hit Spain last month, with sales falling 37%, the countries' main industry associations reported earlier today.

The plunge was accentuated by a September 1 sales-tax increase, which had brought forward some sales to August.

Would-be buyers also held out for renewed scrappage incentives introduced on Monday.

The September decline was nonetheless a "disappointing result", the ANFAC association said.

Scrapping incentives offer car buyers a bonus for trading in old cars for a new model. Previous schemes in countries such as France, Germany and Italy helped Europe's car market to withstand the last economic slump in 2008-2009.

French car manufacturers Renault reported a 51% loss of sales in Spain, while Ford reported a 40% loss and VW 44%.