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Orange County auto sales slide harder than U.S.
Numbers fell 51 percent in the region in June; nationwide they dropped 28 percent.
By Kristen SchottPublished: July 24, 2009 10:31 AM
Orange County auto sales appear to be struggling more than the rest of the country, according to a report from the Orange County Automobile Dealers Association. The region's auto sales dropped 51 percent in June, while nationwide, numbers only fell 27.7 percent.
About 5,600 vehicles were sold last month by local dealers. It's the second-lowest number of new cars registered on record.
The reason behind the slumping numbers in the region could stem from the housing industry's struggles, according to the report.
"The root cause of the recession and auto market collapse was households standing on the edge of a financial precipice," says the study. "And clearly, they fell off."
Irvine-based economy-carmaker Kia was the only manufacturer to post an increase in Orange County sales in June, with a 62 percent uptick compared to the same time last year (OC METRO reported earlier this month that the company saw a year-over-year total sales decline of 5 percent). The largest losses in local sales were seen by Hummer (82 percent drop); Suzuki (74 percent); smart (73 percent); Lincoln (71 percent); Lexus (69 percent); Mazda (67 percent) and Toyota (65 percent).
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About 5,600 vehicles were sold last month by local dealers. It's the second-lowest number of new cars registered on record. The reason behind the slumping numbers in the region could stem from the housing industry's struggles, according to the report. "The root cause of the recession and auto market collapse was households standing on the edge of a financial precipice," says the study. "And clearly, they fell off." Irvine-based economy-carmaker Kia was the only manufacturer to post an increase in Orange County sales in June, with a 62 percent uptick compared to the same time last year (OC METRO reported earlier this month that the company saw a year-over-year total sales decline of 5 percent). The largest losses in local sales were seen by Hummer (82 percent drop); Suzuki (74 percent); smart (73 percent); Lincoln (71 percent); Lexus (69 percent); Mazda (67 percent) and Toyota (65 percent). NEXT PAGE >> Related headlines UC Irvine Economic Outlook: Grim 'OC METRO Minute,' July 24: UCI Paul Merage School of Business lunch O.C. Fair attendance decreases |
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