Now, the third local to approve the program is Local 3000 at the Auto Alliance plant in Flat Rock, MI, where the Mustang is built along with the Mazda 6 sedan.

All UAW locals must approve the program by March 9 for it to take effect. Among the changes are a pay rate freeze, elimination of certain bonuses and a provision for Ford to use stock to cover a portion of its payments into the retiree health care program.

Another significant change involves the so-called job bank program, which pays union workers even when laid off.

Sales for the month of February were down significantly, both for Ford and across the market. Fewer then three thousand Mustangs were delivered last month, compared to 7,752 in February of 2008.

Some buyers may be waiting for the 2010 model now, as the drop is larger than Ford general car sales, which fell 43.3% over the same period.