Monthly Sales Sink Again at GM, Ford

General Motors (GM - Cramer's Take - Stockpickr) managed to hang on to the sales lead among major carmakers in June, although auto sales continued their downward spiral.

GM retained the title of the nation's No. 1 auto seller, even as vehicle sales fell 18.5% last month to 265,937 vehicles. Truck and SUV sales dropped 16.6%, while car sales sank 21.1%. Adjusted for three fewer selling days, vehicle sales were down 8.3%. There were 24 selling days last month, compared to 27 selling days in the year before.

"While the truck market continues to be impacted by the sudden rise in fuel prices, our offerings from Chevrolet, GMC and Cadillac continue to lead their respective segments in fuel economy and that is a decided advantage for those shopping for those vehicles," said Mark LaNeve, vice president of GM North America's vehicle sales, service and marketing division. "We expect our market share performance to be very strong compared with April and May."

Toyota (TM - Cramer's Take - Stockpickr) -- which has sped past Ford (F - Cramer's Take - Stockpickr) to become the No. 2 auto seller in the nation and has been challenging GM for the top spot -- said sales fell 11.5% on a daily selling rate basis to 193,234 units. Passenger car sales managed to rise 4.4%, while light truck sales plummeted 31.5%.

"As the pendulum swings toward smaller, higher-mileage vehicles, we're well-poised to offer the right products at the right time," said Toyota Motor Sales President Jim Lentz in a statement. "A five-door liftback will soon join the Yaris line-up, widening the choice for value-conscious consumers in challenging economic times."