More motor misery in the US

Thursday 05 February 2009

Article by Mozo

More motor misery in the US

The US auto industry has witnessed a dismal start to the year as sales of new vehicles continue to plummet.

Market research firm Autodata shows that total new car sales fell by more than a third (37 per cent) in January, with the company blaming the weak performance on the lowest consumer confidence levels the US has seen in decades.

Dave McCurdy, president of the Auto Alliance, told Agence France-Presse that a lot is riding on Barack Obama’s ability to get the nation thinking a little more optimistically.

“If the administration is able to convince the public there is a pathway out, I think we can get some improvement in auto sales,” he said.

Sales may also have been stifled by a shortfall in car loans in the US.

As in Australia, there have been growing concerns about how the gap in the car loans market left by GMAC’s departure will be plugged.ADNFCR-1761-ID-19011432-ADNFCR

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