The American International Automobile Dealers Association (AIADA) today released October 2008 sales figures for the international automobile industry.
AIADA represents over 11,000 international franchises which, after last month reaching 47.7 percent of the American market share, this month rose to 53.5 percent.
“October marks the 12th straight month of vehicle sales declines,” said AIADA President Cody Lusk. “With new and greater incentives coming available, now is a great time to purchase an international vehicle, many of which are built right here in America.”
According to numbers from Autodata Corp., international brands sold 448,351 vehicles in October, down from 460,182 in September and 683,328 in August. Asian brands held a 44.4 percent share of the market, Europeans had a 9.1 percent share, and domestic brands finished the month with 46.5 percent of the market.
Audi was the only major automaker to achieve a small sales improvement compared to September 2007. The Japanese luxury brand, owned by Honda Motor Co., saw sales improve 0.3 percent to 7,443. Year to date only Maserati, Mini, Rolls Royce, and Subaru have seen sales rise from 2007.
AIADA board member and Subaru dealer Rick DeSilva saw some cause for optimism in October. “Activity on the floor for the Subaru Forester has been great considering the economic atmosphere we’re dealing with,” he said. “That, along with factory programs on the rest of the line, have kept us relatively busy.”
October’s dismal sales, the lowest in 25 years, can be blamed on a variety of factors, including to a sharp decrease in consumer spending and tightening credit. The seasonally adjusted annual rate for vehicles is now 10.9 million, the lowest since March 1983. For more information on automobile sales data, and to view a full report on October automobile sales, click here.