October Sales Land With a Thud
Vehicle sales tanked last month, as U.S. consumers tangled with tighter credit guidelines and heightening economic distress.
Here’s a rundown of automakers’ October year-over-year volume declines:
GM: -45%
Nissan: -33%
Ford: -30%
Mazda: -29%
Honda: -25%
Toyota: -23%
Overall volume fell for the 12th straight month, extending the longest slide in 17 years. Annualized, the sales rate was 11.5 million, compared with 16.1 million in 2007.
thanks for the info
Those numbers are just ugly.
I think we are seeing a couple of things coming into play to make the “perfect storm” (sorry, didn’t have anything better there).
1) Borrowers taking equity out of their homes to keep up with their colleagues, friends, etc. Now that that has dried up, they are upside down in their current finances.
2) Society is concentrating more on cost of food, insurance (which premiums are planned to go up 18% on average next year), fuel, just cost of living has increased.
I guess I could put out there several different situations, however, I hear all of these things daily within the collection side of business. I have to believe that liquor sales are up, and dinning out sales are down due to society over spending when the times where good.
William, my sentiments exactly! Perfectly worded!