According to numbers from Autodata Corp., international brands sold 383,707 vehicles in February, down from 574,150 in February 2008. Asian brands accounted for 47.3 percent of the market, up from 41.8 percent in February 2008, and Europeans had an 8.4 percent share, up from 7 percent. Domestic brands finished the month with 44.3 percent of the market. While the news was grim for most carmakers, three international makes - Kia, Smart, and Subaru - all saw increases over February 2008.
On Monday, in joint letter with the Chairmen of the National Automobile Dealers Association and the National Association of Minority Automobile Dealers, Russ Darrow asked President Obama and his economic team to institute policy initiatives to stave off further job loss in auto retailing, and lay the foundation for a broader economic recovery. The two-pronged plan includes revitalizing the asset-backed securities market for wholesale and retail auto loans and expanding the Small Business Administration loan guarantee program to provide working capital for auto dealers.
February marked the lowest annualized auto sales rate (9.12 million vehicles) since December 1981. Adjusted for population growth, it would be the lowest rate since the 1960s. The weak sales are rooted, in part, in consumer confidence, which is at its lowest point since the factor was first measured by the Conference Board in 1967.
