Ask The Best And Brightest: What Is Your "Freak Out" Gas Price?
Mike Jackson, CEO of AutoNation, one of the biggest auto retail chains in the country, argues [via Bloomberg] that lower inventories and more-efficient offerings have prepared the US auto industry for higher gas prices. As a result
Consumers are signaling it will take higher gasoline prices than the worst of 2008 to curb new- vehicle sales… The “freak-out number” at the gas pump is likely about $4.50 a gallon for unleaded regular
“A dramatic spike is not good for economy and not good for our industry, but we’re better prepared for it than we were in summer 2008,” said Jackson, 61. “Even though we’ve moved 40 to 60 cents higher at the pump in the past three months, we haven’t seen any change in consumer behavior.”
Interesting theory… but does it hold up for you? What are your “freak-out numbers,” and what will you do when gas prices hit them?
More by Edward Niedermeyer