Low confidence, high gas prices lead to drop in new vehicle sales
Dealers in Northern Ohio sold 18,892 new motor vehicles in October, according to data released this month by the Greater Cleveland Automobile Dealers’ Association. Compared to the same month a year prior, this represents a 7.21% decrease. Year to date, sales in the region slowed by 2.58%. Used vehicle sales in the market dropped similarly, with a 7.94% decrease compared with last October, and a 2.07% dip year over year. “New vehicle sales were off in October, as we face low consumer confidence and high gas prices,” said Louis A. Vitantonio, president of the GCADA. “As ...
