GM, Ford''s sales slow down further

Detroit: Sales of General Motors Corp. and Ford Motor Co. limped along in March as a slowing housing market dampened pickup truck sales. However, Japanese company Toyota Motor Corp. and other Asian automakers relentlessly raced ahead stealing US market share from Ford and GM by strong sales of their sedans and crossover or car-based sports utility vehicles.

The slowdown in the U.S. housing market prompted many contractors, who typically buy pickup trucks, to delay purchases, hurting U.S. automakers, analysts.

Another area of concern for automakers is the implosion in the subprime lending market, which analysts say has caused banks to rethink their lending practices, not just for mortgages but autos as well. Interest rates on new car loans in January rose to 6.45 percent, the highest rate in seven years.