37% decline in overall auto industry sales
November 08 sales figures have just been announced by the American International Automobile Dealers Association for the worldwide auto industry. These figures show that there was a 37% decline in overall auto sales compared with November 07 and it was 16.3% up till this year.
Cody Lusk, who is the president of AIADA, says in this connection, “the current crisis is not just of Detroit – this is has become the crisis of the US and if congress is considering the big three’s loan requests, it must also realize the role of auto dealers in economic recovery efforts.” In the US, 1,105581 people have been employed by new car dealers and similarly, for almost every state, sales of vehicles and their parts are the biggest source of revenue.
Figures from Autodata Corp. show that during November 390,685 international brands vehicles were sold that were 448,351 in October 08 and 460,180 in Sep08.
43.4 % market share was held by Asian brands, while European 8.9% and local 47.7% of the market Mini, Maserti, Subaru and Roll Royce were the companies whose sales saw an increase from 07.
The figures suggest that there is an overall downward trend in worldwide auto sales and there are several contributing factors in this connection and the biggest one is low consumer spending because of the recession fears.