Witnessing The Great Detroit Renaissance

John Sternal, LeaseTrader.com — Fri, 20 Aug 2010 20:08:01 GMT

Witnessing The Great Detroit Renaissance

The ridiculously horrible recession of 2009 meant very bad things for Detroit and Michigan. It’s bad enough the overall economy is in the dump, but the Detroit economy has been virtually Ground Zero for the bad economy. Unemployment, slowing auto sales and an implosion in the housing market has all fueled what many believe to be the worst recession since the Great Depression.

But if 2009 was the year that almost put Detroit in a coffin, the summer of 2010 is proving to be the renaissance for Motor City. The city is going through a turnaround of epic proportions, despite an economy many still consider horrific.

We should all be cheering for a big Detroit turnaround and it’s refreshing to see the city feeling better about itself. Why is this a good thing? For starters, the auto industry is important for the overall economy, not just the local Michigan economy.

While Ford seemed to be the farthest from the coffin the company has still made significant improvement in areas like cost control, a revamped product lineup and overall quality.
Chrysler has yet to make any tangible strides towards a successful turnaround, but the company is in stable hands and the owners have a plan.
General Motors seems to be the new Darling of Detroit. The company has gone through a complete transformation in a little more than 12 months and is on record pace to pay back all its government loans. There’s even a plan in place to launch an IPO later this year, the first clear sign that GM will once again be out of the hands of the American taxpayer.
On the leasing side, GM is once again making strides to be a major player. Its Cadillac and Buick brands have raised their profiles and now score high marks among many drivers. Brand retention through the LeaseTrader.com marketplace is even part of the regular discussion, unlike a few years ago when that topic seemed to be reserved only for the likes of BMW and Mercedes.

2010 has set the stage for a very interesting 2011, where right out of the gate the auto industry will be continuing the renaissance during the January Detroit Auto Show.

How are you feeling about the American auto industry? Positive, negative, indifferent? Please share your comment below.