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Sales of new vehicles down 27 percent
By Jim Mackinnon
Beacon Journal business writer
Published on Wednesday, Nov 12, 2008
Many new car dealers in Northeast Ohio had a very bad October.
Sales of new cars and trucks fell nearly 27 percent for the month compared to a year ago, according to the latest available figures.
Still, that was slightly better than the 34 percent drop in sales nationally, according to the Greater Cleveland Automobile Dealers' Association.
The organization, which represents dealers in a 21-county region that includes Summit, Portage, Medina, Stark and Wayne counties, on Tuesday blamed the plunge in sales largely on the ailing economy and weakened consumer confidence. The association said sales also are being hurt by a misconception by the public that vehicle financing is unavailable.
Sales for the first 10 months of the year are down 9.6 percent compared to the same period in 2007.
According to state registration figures for the 21-county area:
• Chevrolet sales fell 31.9 percent to 2,337 for the month compared to 3,431 a year ago. Since Jan. 1, sales were 29,860, down 8.2 percent from 32,533 for the first 10 months of 2007. Chevrolet remained the best-selling brand in the region for 2008.
• Chrysler sales fell 34.7 percent to 419 vehicles, compared to 642 in 2007. Sales are down 33.3 percent for the first 10 months of 2008 compared to the same period in 2007 — 5,150 to 7,720.
• Dodge sales fell 28.5 percent to 578 vehicles, down from 808 a year ago. Since Jan. 1, 7,087 Dodge vehicles have been sold, down 24.2 percent from 9,344 for the same period in 2007.
• Ford sales fell 22.2 percent to 2,057 vehicles compared to 2,644 vehicles in October 2007. Sales were down 17.4 percent for the first 10 months of 2008 to 23,000 vehicles compared to 27,845 for the same period a year ago. Ford ranks second in sales this year.
• Honda sales fell 27.5 percent to 1,242 for the month, compared to 1,713 a year ago. Sales are down 4.6 percent since Jan. 1 to 16,934 vehicles, compared to 17,743 for the first 10 months of 2007.
• Jeep sales dropped 34.3 percent, to 439 vehicles from 668 a year ago. Sales are off 13.9 percent for the first 10 months of the year to 5,767 vehicles compared to 6,700 a year ago.
• Nissan sales were off 23.6 percent to 575 vehicles compared to 753 in October 2007. Sales are up 20.1 percent for the first 10 months of the year to 7,606 vehicles compared to 6,333 for the same period in 2007.
• Toyota and Scion sales fell 14.2 percent to 1,738 vehicles, compared to 2,026 in October 2007. Sales are up 0.7 percent for the first 10 months of the year to 19,791, compared to 19,656 a year ago.
Pat Primm, president of the Akron Auto Dealers' Association and head of Cascade Auto Group in Cuyahoga Falls, said he has seen many good and bad years in the auto industry in the 30 years he's been in the business.
''It's always cyclical,'' he said. ''We will come out of it at some point.''
Sales are being hurt largely by people wary of the economy and hesitant to commit to making a large purchase such as a car
or truck, he said.
''They're worried,'' he said.
At his group, he's noticed that many people are trading in fuel-thirsty vehicles such as SUVs for more efficient models. Sales are down just slightly at his business, compared to record sales in 2007, he said.
Primm said he is fortunate in having brands that remain in demand, including Mazda, Subaru, Porsche and Audi.
The Cleveland association said 10 brands increased sales for the first 10 months of the year compared to the same period in 2007. The brands are: Infiniti, Jaguar, Mini, Nissan, Saturn, Smart, Sterling, Subaru, Toyota and Volkswagen.
The association said it is working to make the public aware that customers can still get loans at the dealerships in the region. Car loans are available through multiple means, Gary Adams, association president, said in a statement.
''The banks might be doing a little more due diligence,'' Primm said. ''They are giving loans, and they are giving loans at decent rates.''
Jim Mackinnon can be reached at 330-996-3544 or jmackinnon@thebeaconjournal.com.
Many new car dealers in Northeast Ohio had a very bad October.
Get the full article here.
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