Edmunds.com Lowers Sales Forecast for 2008, 2009
October 06, 2008
Edmunds.com has revised downward its vehicle sales forecast for 2008 and 2009.
Jesse Toprak, Edmunds' executive director of industry analysis, now projects the U.S. auto industry will sell 13.9 million vehicles in 2008. For 2009, Toprak forecasts 13.7 million vehicles being sold.
Edmunds.com's revised forecast comes on the heels of September car sales, posted last week. Sales dropped 26.6 percent to their lowest level since February 1993.
Even though President George W. Bush signed into law a $700-billion bailout package for Wall Street on Friday, the move is unlikely to help U.S. automotive sales to rebound in October. Toprak said October, typically one of the worst months of the year in terms of total volume, is likely to be down as much as 15 percent from last October.
"The fact that the bill passed does not mean money is being spent yet," said Toprak. "I think people are still trying to digest what this means for them."
Posted by Michelle Krebs at 4:30 AM under Analysis , Business | Comments (0) | digg this | Seed Newsvine
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