Carpocalypse Now: November Auto Sales Prove Scared People Don't Buy Cars - by Wes Siler
"November car sales numbers are coming in and they’re what you expect them to be — horrendous. Ford is down 31% month-to-month with last year. Toyota fell even further at 33.9%. That's successful compared to GM's 41% drop. Even Honda is down 31.6%. What's going on? Carpocalypse Now is going on, that's what! The entire auto industry is screwed at the moment, and it's not just the U.S. automakers. Since Toyota’s and Honda’s numbers are in the crapper it points to what we've been saying from the start. This is less an issue of a problem with our dear domestic car makers and more of a problem with a lack of desire on the part of consumers to buy from any company. People have either already lost their jobs, ot they're scared of losing their jobs — in addition to their houses and their way of life. When people are that scared, they just don't spend money. It's as simple as that." Note EU-Digest: ACEA has reported that sales of new passenger cars in Europe fell by 14.5% in October confirming earlier data issued by JD Power and reported by just-auto.Reflecting the financial and economic crisis, new car registrations have now decreased for six consecutive months, most notably since the summer. Cumulative figures over January to October show a minus of 5.4%. Markets in Western Europe registered 1,034,955 new cars in October, or 15.5% less compared to last year. With the exception of Austria (+4.0%), all markets contracted.The total for the Western European market is now expected to dip below the 14 million market by some margin, at a provisional 13.8 million. Furthermore, the severity of the crisis has caused a further revision downwards for 2009, to below 13 million units."
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