Auto Sales Continue To Plunge
August 18, 2008
Although the mortgage industry has been leading the turmoil in this country regarding the slumping economy, the automotive industry has been in a close second, with plenty of jobs being eliminated on a monthly basis, contributing to the general financial strife that Americans continue to face throughout 2008.
This is directly the result of the hardships that retailers and dealerships have been facing in the past year, with sales continuing to drop for automobiles overall, but the vehicles getting hit the hardest so happen to be the largest, more powerful, and least fuel efficient types available: trucks and SUVs.
In the month of June, auto sales have completely plunged, according to the reports that have been published by the nation’s largest automakers. According to their statistics, Americans on average have been avoiding SUVs and pickup trucks all together on account of the soaring cost of gas and general anxiety over the state of the economy.
Even though the gas prices have been a deciding factor for many Americans who are interesting in buying new vehicles, even those cars that are very fuel efficient have seen a loss in sales, but not due to a lack of demand. Rather, automakers have not anticipated the sheer number of vehicles that people would want to buy with that concern in mind, and so the stock of vehicles such as hybrids and economy cars have been in very short supply.
According to Autodata, the sales of vehicles for the month of June totaled in at around 13.6m, which is significantly less than the figure from May, which was 14.3m. While higher, the figure from May was also considered indicative of a rather slow month for automobile sales. Overall, these figures tally up to at least 2m below the number of cars and light trucks that were sold this month last year, and is also the weakest pace of sales that has been seen in 15 years.
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Auto Sales Continue To Plunge…
Although the mortgage industry has been leading the turmoil in this country regarding the slumping economy, the automotive industry has been in a close second, with plenty of jobs being eliminated on a monthly basis, contributing to the general financi…