June 30 (Bloomberg) -- U.S. auto sales probably dropped again this month as consumers spurned pickup trucks and sport- utility vehicles because of soaring gasoline prices and couldn't find enough fuel-efficient cars.

The decline to the lowest sales rate in 15 years was led by Ford Motor Co., Chrysler LLC and General Motors Corp., according to a Bloomberg survey of analysts. Japan's Honda Motor Co., less dependent than the U.S. companies on trucks, may be the only major automaker to report an increase when sales are released tomorrow.

``It's like the perfect storm,'' said John Schenden, owner of Pro Chrysler Jeep in Denver. ``You either have to hang on to the old big truck you've got and spend too much on gas, or look for the smallest cars -- which so many people are turning to.''

A decrease would extend the industry's sales slump to eight straight months, the longest tumble in seven years. Gasoline prices in June topped $4 a gallon for the first time and consumer confidence hit a 16-year low, prompting more Americans to postpone purchases of new vehicles.

Those who did buy were drawn to cars and ``crossover'' wagons that blend car and truck features. On June 1, the industry had the lowest supply of cars for that date in at least 17 years, according to trade publication Automotive News.

Inventories of compact cars and hybrids are ``going down at a rate we've never really seen before, and automakers are caught a bit unprepared,'' Jesse Toprak, an Edmunds.com analyst in Santa Monica, California, said in an interview. ``It might take several years to fully meet the consumers' demands.''

Ford, GM Lows

GM's sales decreased 21 percent, Ford's 19 percent and Chrysler's 25 percent, according to the survey of five analysts.

Ford and Detroit-based GM, whose shares plunged to respective 23- and 34-year lows last week, announced plans this month to boost car and wagon output while deepening cuts in truck production in an attempt to end losses. Dearborn, Michigan-based Ford hasn't posted an annual profit since 2005; GM was last profitable in 2004.

The SAAR, or seasonally adjusted annual rate, a measurement of sales without regard to seasonal fluctuations, probably fell to 13.2 million cars and light trucks last month, down 16 percent from 15.7 million a year earlier, based on a Bloomberg survey of 30 analysts and economists. That would be the lowest since March 1993.

U.S. auto sales are on a pace to plunge to 14.5 million units for 2008, the lowest in 15 years, according to Deutsche Bank. The annual industry average this decade has been 16.8 million.

`Limited Availability'

``Limited availability of smaller, more fuel-efficient vehicles may be a factor in depressing the SAAR to surprisingly low levels,'' Rod Lache, a Deutsche Bank analyst in New York, said in a June 17 note.

This month has three fewer selling days than June 2007. That means Detroit's automakers will report figures roughly 12 percentage points lower than the analysts' adjusted estimates.

Alex Khan, a dealer at Carr Chevrolet in Beaverton, Oregon, said he hasn't been able to provide what shoppers want. ``We've been running out of our smaller-car inventory,'' Khan said in an interview, citing GM's Cobalt as an example.

GM is ramping up production of cars and smaller SUVs by almost 50,000 units this year in response to consumers' ``close attention to fuel-efficiency,'' sales chief Mark LaNeve said in a June 23 conference call with reporters.

Kia, Hyundai

South Korea's Kia Motors Corp. also is planning to increase supplies of small cars. Its affiliate Hyundai Motor Co. will boost production of Elantra compact cars. Ford and Nissan Motor Co. are adding shifts to make more Focus small cars and Altima sedans.

Tokyo-based Honda's sales were running 16 percent ahead of June 2007 after the first 20 days, according to a company e-mail sent to analysts. Honda's car sales were up 37 percent in the period, and truck sales down 15 percent, the e-mail said. The figures were adjusted for selling days.

Dealers nationwide had an average 41-day supply of cars at the end of May, according to Automotive News. The supply of trucks was 90 days, the most in at least 17 years for that date. Analysts consider a 60-day supply normal.

More than 40 percent of Americans who said they are spending less than they did six months ago pointed to the price of gasoline as the reason, according to a Bloomberg/Los Angeles survey.

Postponed Purchases

Forty-two percent of Americans said they've delayed buying a new vehicle indefinitely because of fuel prices, according to a June 25 survey by Kelley Blue Book of Irvine, California.

A gallon of gasoline rose 2.8 percent from May 31 to a record $4.09 on June 29, according to motorist group AAA.

Ford fell 17 cents to $4.81 at 4:01 p.m. in New York Stock Exchange composite trading, for a 29 percent decline this year and its lowest since Oct. 9, 1985. GM dropped 5 cents to $11.50; it has fallen 54 percent this year. American depositary receipts of Toyota City, Japan-based Toyota declined 33 cents to $94; the ADRs have tumbled 11 percent this year.

GM's 8.375 percent note due July 2033 increased 1.7 cents to 60 cents on the dollar, yielding 14.27 percent, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Agency. Ford's 7.45 percent note due July 2031 rose 0.13 cent to 58.63 cents on the dollar, yielding 13.22 percent.

Credit-default swaps on GM debt fell 25 basis points to 1885 basis points, according to CMA Datavision in London. Ford's jumped 213 basis point to 1589 basis points.

The contracts are designed to protect bondholders against default. A rise in the price indicates a decline in the perception of a company's credit quality.

The following table provides estimates for car and light- truck sales in the U.S. Estimates for companies are percentage changes from June 2007. Forecasts for the seasonally adjusted annual rate, or SAAR, are in millions of vehicles.

The SAAR average is based on forecasts from five analysts and a survey of 25 economists. The analysts' estimates are based on daily selling rates. June had 24 selling days, three fewer than June 2007.

Analyst                   GM       Ford      Chrysler    SAAR

Patrick Archambault       -23%     -19%      -29%       13.2
 (Goldman Sachs)
Richard Kwas              -27%     -23%      -33%       12.5
 (Wachovia)
Brian Johnson             -17%     -16%      -21%       13.3
 (Lehman Brothers)
Jesse Toprak              -15.9%   -15.4%    -22.6%     N/A
 (Edmunds)
Rod Lache                 -24%     -20%      -21%       13.0
 (Deutsche Bank)
George Magliano            N/A       N/A      N/A       13.2
 (Global Insight)

Bloomberg Economists       N/A       N/A      N/A       13.9
(average estimate)

AVERAGE:                 -21.4%    -18.7%    -25.3%     13.2

To contact the reporter on this story: Greg Bensinger in New York at gbensinger1@bloomberg.net

Last Updated: June 30, 2008 16:23 EDT