NEW YORK — It was a race to the finish for dealers and customers alike as the government's "cash for clunkers" program headed into its final lap Monday.
Over the weekend, car dealers across the country watched their lots get empty as crowds rushed to trade in gas guzzlers after the government said that the $3 billion rebate program would end at 7 p.m. Monday, two weeks earlier than expected.
Transportation Secretary Ray LaHood, speaking to reporters in Norristown, Pa., called the program an unprecedented success and a boon for car dealers, automakers, scrap yards and financial institutions.
"Once the program ends ... there will be 700,000 to 800,000 cars that have been sold, most of them fuel efficient," replacing gas-guzzling cars and trucks, LaHood said.
Transportation officials said through early Monday, dealers had submitted 625,000 vouchers totaling $2.58 billion and expected to work up to the deadline to submit the proper paperwork.
Adding to the urgency, some dealers said they would stop cash for clunkers sales even earlier to make sure the government reimbursed them for the rebates - or because they didn't have enough eligible cars left.
Read tomorrow's Arkansas Democrat-Gazette for full details.
Thank you for coming to the Web site of the Arkansas Democrat-Gazette. We're working to keep you informed with the latest breaking news.