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A Seismic Shift in Consumer Preferences for the Auto Industry
Posted on April 09, 2008
Total vehicles sales have dropped 12% in the U.S. since March 2007. Why? What does this mean for the future of the auto industry? Double-digit declines have occurred for four major carmakers (Ford, GM, Toyota, and Chrysler) in the last year. The Wall Street Journal attributes this to three reasons: (1) high gasoline prices, (2) a weak job market and (3) a credit crunch that now requires consumers to have higher credit scores and larger down payments. The sales slump has hit almost all major models, except for fuel-efficient compact vehicles. This is a very challenging external environment,...
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