SANTA MONICA, Calif.–(BUSINESS WIRE)–For the automotive industry, 2008 will be a year to forget. Due to the collapse of the financial industry, car sales plummeted to levels not seen since the early 1990s, when the country’s population was 50 million people fewer.
Edmunds.com, the premier resource for automotive information, also noted the following trends during 2008*:
Used Cars Fared Better Than New Cars – Used car sales were down only 8 percent compared to 2007, and Certified Pre-Owned (CPO) sales were flat. During the same period, new car sales fell by more than 16 percent. (more…)