Slumping Sales Continue to Hunt Car Industry
With the ongoing recession, automakers are facing grim future as sales are continuously plummeting despite implementing marketing strategies such as low price and incentives. Meanwhile, if this trend continues, many car factories will be shut down which can result to massive layoff, further aggravating the rising unemployment rate worldwide.
The car industry is facing gloomy sales prediction for the coming months despite offering consumers with different kinds of incentives and benefit programs.
As massive layoffs and low consumer confidence continue to hunt the auto industry, experts and consulting firms believed that January sales will be worse as it is last year despite aggressive marketing strategies adopted by car makers.
According to experts, one of the major reasons that contributed for the slumping sales is the lack of available credit. This was further aggravated by the all-time low consumer confidence which forced people to spend less.
With the slumping sales by more than 30 percent, South Korean automaker Hyundai Motor adopted a program last month that allows consumers to return their new cars before one year if they will lose their jobs.
Meanwhile, US auto giant Chrysler LLC implements a program that allows buyers to purchase vehicles at a very low price with cash discounts up to $3,500 for all 2009 car models and with zero-interest financing.
Despite various marketing strategies and incentives offered by car manufacturers, January sales is as bad as the previous months when the auto industry had experienced record-low sales for the past 30 years.
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