GM chief says sales are holding up

CEO Rick Wagoner is feeling positive about U.S. auto sales despite the tough market.

ROYAL OAK, Mich (Reuters) -- The top executive at General Motors Corp (Charts, Fortune 500) said on Friday that U.S. consumers appeared to be holding up well despite the recent credit crisis that roiled world markets and prompted the U.S. central bank to cut rates.

Rick Wagoner, the automaker's chief executive, also said that the crisis hadn't had any big impact on auto sales. He said pickup sales so far this month were doing "better" but that the overall market remains tough.

Wagoner said that ResCap, GMAC's home lending unit, was also weathering the current market volatility.

Asked about the company's negotiations with the United Auto Workers, Wagoner said it was too early to speculate whether they would reach a deal before the contract expires on Sept. 14.