U.S. auto sales may drop over 25% in November
In November, total 850,000 vehicles to be sold and it indicates a 27.6% percent reduction compared with sales in November 2007. There will 11.5m vehicles for the seasonal adjusted annual rate. Though they will be higher that 10.9m rate of October, such sales levels were last seen during 1983.
“We can’t draw a strong support from these results currently and if we are higher or at least flat in December, it may indicate earlier that the auto market has reached the end of decline,” says Jesse Toprak, who is executive director of Edmunds.com.
Edmunds.com predicts that with a 41.7 % decline from November 07, Chrysler LLC will have see the sharpest drop in the six biggest auto makers, while Honda with its 20.6 % drop would see the smallest decrease.
A month back, Edmunds.com predicted that there would be a 29% drop in industry volume for October while GM would show the biggest decline. With a 45.1% decline at GM, the US auto sales dropped 31.9%.
Now Edmunds.com says that declines at Nissan, GM and Honda will not be as in intense as it was in the last month.
The firm makes these assessments considering consumer traffic on its info websites, gasoline prices, inventory levels and economic conditions.