Give Thanks! Sales Down Only 28 Percent In November
This is what passes for good news these days, so pass the turkey and keep smiling. Edmunds (via Dow Jones Newswires) estimates that the American new car market is down 28 percent in November, but up 1.9 percent from October. “Sales improved slightly over October thanks to near record high incentives and perhaps a sense of relief that the presidential election is over,” said Edmunds’ executive director of industry analysis, Jesse Toprak. Many analysts had forseen a bloodbath in November, after a disastrous October. In November’s 25 selling days, Chrysler LLC’s sales are seen dropping 42%, with Ford posting a 33% slide and GM reporting a 28% skid. And it’s not just Detroit firms losing ground. Toyota sales are expected to drop 24%, with Honda sales down 21% and Nissan sliding 29% on the month. Detroit’s market share is estimated to be 47% in November, down from 51% a year earlier and flat from October. These numbers could easily have been much, much worse given the record low consumer confidence. But is cheap gas helping, and if so, how long will it last? Stay tuned, as we get official numbers out at the end of the month.