Here We Go: Auto Sales Tumble 16% So Far This Month
It's a bit early to declare February the beginning of the long-anticipated new car sales face plant, what with President's Day sales and a couple of weeks to go, but the Wall Street Journal reports that the industry took a 16 percent dive so far this month. Zoom in on the main players and folks, these decade-low numbers [via J.D. Power] are downright scary. "General Motors Corp., riding momentum created by updated products and hefty incentives, recorded the only sales gain among major manufacturers last month. The latest numbers indicate GM ran into a roadblock during the first 17 days of the month, with dealers selling 31% fewer vehicles than in the first 18 days of February 2007… Chrysler LLC experienced a 27.5% decline despite a recent move to offer more free features on its cars and trucks." CNNMoney reports that "shares of automaker General Motors Corp. fell nearly 6%, making it one of the biggest losers on the Dow 30 Thursday afternoon, as investors were dismayed by weak economic data released earlier in the session." And that was BEFORE this information was released…
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I submitted an article a couple weeks ago about trade-in's from a 25 state strong dealer network. Which brands were able to keep their customers for the long haul (traded-in at 150k+), and which ones were getting ditched quick by their owners (less than 100k). It has to work it's way through the TTAC funnel first. In time, you'll see it and it should provide a few surprises. The fact that I can also add new trade-in data (4000+ new trade-in's every week), may make it a mainstay at TTAC. We'll see what happens.
Also today: Nissan's Ghosn says US auto market in recession
Nissan has a glut of 07/08 Muranos with 1.9% APR. Acura has a glut of 08 TL's with 2.9% APR. Lexus has a glut of 08 IS250's no word on special APR for purchase but local dealers have special lease rates. VW has "sign and drive" deal with no $$ down but not really a deal. Subaru has special low APR on most of their models. Waiting patiently for low APR on IS350's....