U.S. Vehicle Sales Drop in March

Detroit's automakers posted overall sales declines in March, and each member of the Big Three cited lower fleet purchases as a big reason for the drop.

Ford

(F) - Get Report

sold 328,385 cars and trucks in March, but the company's vehicle sales fell 11.7% from the same month a year ago. Car sales fell 11.2% to 125,736, and truck sales dropped 12% to 202,649.

High-end models did well for Ford, as Jaguar and Land Rover dealers reported record March sales. Meanwhile, sales for the company's domestic brands were lower than a year ago. Ford and Lincoln brand sales declined 11%, and Mercury sales fell 31%. Retail sales and fleet sales were both lower.

General Motors

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, the world's biggest automaker, said U.S. vehicle sales dropped 1.7% in March to 419,410 cars and trucks. Retail sales rose, but fleet sales fell 34%.

Light truck sales increased 8.7% from March 2001, while car sales declined 12.9%. Additionally, GM raised its second-quarter North American vehicle production forecast by 4% to 1.48 million cars and trucks.

Chrysler Group, the U.S. arm of

DaimlerChrysler

(DCX)

, said March vehicle sales fell 4% to 217,158. The same month a year ago was the third-best March in company history.

Total car sales fell 1% and truck sales dropped 5%. Retail sales were comparable to a year ago, Chrysler said, but overall sales declined because of lower fleet orders.

In afternoon trading on the

New York Stock Exchange, shares of the automakers were lower. DaimlerChrysler was losing 0.4% to $44.98, Ford was down 2.1% to $15.40, and GM was off 0.7% at $59.27.