Don't think so Re: Sign the recession is runni - Saab General Bulletin Board - Saabnet.com
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Don't think so Re: Sign the recession is runni
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Posted by Rafe (more from Rafe) on Wed, 18 Feb 2009 20:37:24 Share Post by Email
In Reply to: Sign the recession is running out of steam???..., MI-Roger [Profile/Gallery] , Wed, 18 Feb 2009 14:12:41
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Doom & gloom is no fun, but car sales (US) are down from a high of 16-17MM/yr to more like 10-11MM. And when I visit my friendly neighborhood American car indy mechanic, he tells me that lots of folks are fixing up their jalopies rather than taking on more debt. No recession at his shop! My 96 Impala is there right now, getting 4 figures of work -- yup, I'm planning to keep it for the long term as a local-area daily driver.

Have you seen the Hyundai TV ads promising that it you buy a new Hyundai with a lease or loan, and subsequently lose your job, you can turn the car back in with no derogatories on your credit record. That company has correctly taken the pulse of a significant segment of the market. Remember how around 16 years ago Mitsubishio bought market share by having ridiculously low credit underwriting standards? (Just ask anybody in the car retail biz about this.) Hyundai is pursuing a similar market-share expanding strategy, but in a clasier, more upmarket way (which fits with the upmarket appeal of the Genesis).

Now if commercial cxredit starts flowing, I agree that would be good for business, and therefore good for everybody. (I'm a trickle-down guy, not a popular position among the SAABisti). Bit so far the banks that have taken the TARP funds have put it all straight to bank capital; none to commercial (or consumer) lending.

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