Oct29
By David Walker LeaseTrader.com
In the land of dying credit approvals new vehicle sales are declining to a 25% year low. Dealerships from the west coast to the east coast are going out of business.
The National Automobile Dealers Association (NADA) estimates over 700 new car dealerships will close by the end of 2008, a total of 270 more closers then this time last year. When considering employment loss, about 40,000 jobs will be lost just due to the fact that the retail sales fell over 18% to 568 Billion from 693 Billion. Dealership wages account for 13% of the retail payroll.
It doesn’t look good for the American auto market.
----------------------------------------------------------------------------------------
This story posted by LeaseTrader.com, the automotive service company that lets people transfer out of their Car Leases early. If you're looking to swap a lease or transfer out of your car lease, please visit www.leasetrader.com