After the "Clash for Clunkers" program reportedly became a big success in Germany, a similar program was signed into law by President Obama last month, with the aim of stimulating auto sales alongside the process of taking the lower fuel efficiency vehicles off the road.

Under the Car Allowance Rebate System (CARS) - commonly called "Cash for Clunkers" - consumers are given cash for their old 'clunkers,' in an attempt to see the back of the gas guzzling cars as well as augment the sales of new cars.

Going by the statistics provided by the CBS News correspondent Randall Pinkston, the program worked wonders in Germany, leading to a whopping 40 percent increase in new car sales.

While the excited US dealers await the final rules and regulations to be issued by the government on July 24, Wes Moats - of Mark Moats Ford-Mercury - expressed opinion about the program saying: "This can only help. It will facilitate sales by half a million units nationwide that otherwise may not be made."

The cash handed over fro a "clunker" can range from $3,500-$4,500, to be determined by two key factors - the type and fuel efficiency of the trade-in vehicle, and the make of the new vehicle to be purchased. In addition, it is also essential that the "clunker" must have been owned, registered and insured for the last year!