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Saturday, Feb 4, 2023

New Vehicle Sales Still Sluggish

For the second quarter in a row, new vehicle sales in California fell below 250,000, according to the California New Car Dealers Association. From April through June, new car and light truck registrations totaled 232,076, a drop of 42.9 percent from the same period in 2008. The association expects that total new vehicle sales will fall below 1 million for the year for the first time since 1975. “Tight credit, continued strains in the housing market, high unemployment and concerns over personal discretionary spending, all helped to pull the market down in the second quarter,” said association Chairman Gary Shipman, operator of three dealerships in Santa Cruz). “The good news is that I think we have hit bottom, but it could be a slow climb out”. Mark R. Madler

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