Experts Say Industry Will Not Move Out Of Downturn Until At Least 2010

In the darkened cocktail lounge of a midtown Manhattan hotel early one recent evening, the gloomy atmosphere matched the mood of the Detroit executive who was nursing a beer. Auto sales are being ravaged by the toxic combination of plummeting housing prices, expensive consumer credit, and cratering used car values. And the economic forecast offers little hope of a recovery over the next 15 months

The conversation with the executive was off the record, but the array of negative indicators facing the industry is there for anyone to see:

 

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quizz - 9/16/2008 2:10:03 PM

+3 Boost

High unemployment rate plus a slowed economy, record levels of debt and stringent borrowing guidelines mean fewer new cars sold.

w209w114 - 9/16/2008 2:44:15 PM

+3 Boost

They say the night is darkest before the dawn, and man is it dark right now... Lets hope 2009 brings new opportunities and growth in every economic level. There will be a lot of good ultimately resulting from this drastic storm.

E36er - 9/16/2008 2:58:25 PM

+2 Boost

The early 80's was a horrible time for cars. Let's hope it's not a repeat.

AgentOrange - 9/17/2008 10:52:35 AM

+1 Boost

That's partly due to the fact that cars WERE horrible in the 1980's..

mscottc1 - 9/16/2008 4:54:56 PM

0 Boost

you give car salesmen a bad name-- how dare you come on here and brag about what you made last month & "sitting back this month". As big of a BMW fan as I am, I am ashamed of you and for what people like you bring to the brand.