Retail

Cash for clunkers overseer backs new 'lifeline' for dealers, automakers

Remaining new-vehicle inventory, far right, is outnumbered by older vehicles traded in through the "Cash for Clunkers" program on the lot at Bredemann Toyota in Park Ridge, Ill., on Aug. 22, 2009.
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By:
RYAN BEENE
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By:
Bloomberg
|
April 03, 2020 04:33 PM

A federal program to issue rebates to U.S. consumers toward the purchase of a new vehicle could provide a much-needed jolt to the auto industry that’s seen plants idled and showrooms emptied by the coronavirus, according to the Obama administration official who oversaw the program known as cash for clunkers.

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