No end in sight for Detroit auto woes, consultants say

Oct 30, 2008 | 06:51 AM | Corinna Petry

Two auto industry consultants predict that North American vehicle sales will be down again in October after sinking to a 17-year low in September, according to speakers at AMM's 3rd Annual Automotive Metals Conference in Detroit.

They blamed consumer confidence, which is in the basement due to the recession and the struggling housing market, plus limited access to credit to purchase vehicles.

Kim Korth, president of IRN Inc., Grand Rapids, Mich., said that dealer incentives for new cars "are unbelievable"—but still not enough. Fourth-quarter sales "will be ugly," she said. "We were lulled over the past 15 years that cycles had evened out. Not so, (but) so many people have never been through a downturn in automotive."....





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