U.S. Auto Industry (2008) Trends, Consumer Behavior and Analysis
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Auto industry trends for 2008 include a drop in the car and light truck market from 16.1 million units sold per year to 14.1 million units (Plunkett Research, Ltd., 2008). The high price of fuel for most of the year has resulted in a demand for hybrid autos that is outpacing the number of hybrids available for sale by a margin of 10:1 and a trend toward smaller cars and Chinese and Indian imports (Winslow, 2008). To address the lagging economy, GM and Ford are offering longer leasing periods, but auto financing is problematic because the SUV leases coming back on the lot are not selling, and most dealerships will not even take them as trade-ins (Winslow, 2008). GM and Ford have seen steadily decreasing market share in 2008 as well as lower car sales; people are keeping their cars longer (Winslow, 2008). Although new materials and technologies are on the way, they will arrive too late to
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Approximate Word count = 622
Approximate Pages = 2 (250 words per page)
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