Q3 OC auto sales plunge 15%
October 23rd, 2007 · Post a Comment · posted by John Gittelsohn
New car registrations fell 15.3 percent in Orange County in the third quarter of this year, the Orange County Automobile Dealers Association reports.
Year-to-date registrations have fallen 9.8 percent in Orange County, compared to a nationwide drop of 3.2 percent through September, the auto dealers report.
For all of 2007, the auto dealers forecast a 7.9 percent drop in sales, following a 6.1 percent drop in sales in 2006. The dealers expect sales to fall in 2008 by 1.7 percent, before rebounding in 2009.
At the end of last year, the group forecast a 2 percent drop in new vehicle registrations for 2007. The mid-year forecast in June predicted a 4.4 percent drop in sales.
The peak year for new vehicle sales in Orange County was 2004, when 197,041 new vehicles were registered. This year, the figure is expected to fall to 168,250.
Auto sales are a major source of sales tax and a key indicator of consumer spending sentiment.