The economic crisis has left many industries with hefty losses. The consumer trends have become very volatile and led to plunge in the sales trends of almost all the industries.
Now it is the auto industry that recorded weakest sales of 25 years. The auto industry faced this plummet due to world wide fall in economies. There are many factors that resulted in this dive of sales. The major cause includes the tight credit and worry in customers about the future market.
The banks also seem to tighten credit provision for the customers. A growing number of dealers saw their own credit cut off. And there is no cash ready in hand with many people and many seem to follow the strategy of having hand in cash rather than investing on accessories.
Even the fall in gas prices couldn’t aid the falling auto sales. These declining sales were experienced in all categories of the auto industry.