Hyundai Claims Stalled “Cash for Clunkers” Bill Costing Auto Industry 100,000 Sales Each Month

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Hyundai Claims Stalled “Cash for Clunkers” Bill Costing Auto Industry 100,000 Sales Each Month

According to a Hall & Partners survey performed on behalf of Hyundai, the delay in passing a “Cash for Clunkers” bill is costing the U.S. auto industry as many as 100,000 lost sales each month.

The survey results showed that 38 percent of potential new car buyers were aware of a pending “cash for clunkers” bill and that 11 percent of buyers were delaying their purchase until the bill is passed.

Considering an average of 1 million monthly sales, this accounts for roughly 100,000 lost sales.

“With sales in the U.S. auto industry forecast at the lowest levels in 26 years, it’s imperative that we move forward with this stimulus bill,” said Hyundai Motor America President John Krafcik. “The auto industry makes up 10 percent of the consumer portion of the country’s gross domestic product. Any stimulus to the auto industry will make a major improvement in the overall U.S. economy, which remains severely depressed.”

“The longer this bill, which is so important to the U.S. economy, remains stuck in Congress the greater the pressures placed on all aspects of the U.S. automotive industry – from suppliers to manufacturers to dealers. We urge Congress to move quickly so that American consumers can benefit from this program during the peak summer selling season,” said Krafcik.

Yesterday results of car sales for the month of May were released showing a decrease of 33.7 percent as compared to the same period a year earlier.

Official release after the jump:

Survey data shows nearly 100,000 buyers a month are being lost until Congress acts on program

FOUNTAIN VALLEY, Calif., June 3 /PRNewswire/ — Hyundai Motor America has released survey data showing that as of May 29 at least 38 percent of potential new car buyers in the U.S. are aware of a pending fleet modernization (“cash for clunkers”) program and 11 percent of car buyers are delaying their purchases until this legislation is passed or defeated. This represents as many as 100,000 lost industry sales each month due to uncertainty around this program at expected average sales volumes of 1 million units per month over the summer.

(Photo: http://www.newscom.com/cgi-bin/prnh/20090603/DA26671)

“With sales in the U.S. auto industry forecast at the lowest levels in 26 years, it’s imperative that we move forward with this stimulus bill,” said Hyundai Motor America President John Krafcik. “The auto industry makes up 10 percent of the consumer portion of the country’s gross domestic product. Any stimulus to the auto industry will make a major improvement in the overall U.S. economy, which remains severely depressed,” said Krafcik.

“The longer this bill, which is so important to the U.S. economy, remains stuck in Congress the greater the pressures placed on all aspects of the U.S. automotive industry – from suppliers to manufacturers to dealers. We urge Congress to move quickly so that American consumers can benefit from this program during the peak summer selling season,” said Krafcik.

Nearly half of all vehicles sold by Hyundai Motor America are manufactured in the United States at Hyundai Motor Manufacturing in Montgomery, AL. In total, Hyundai directly employs more than 5,000 people in the U.S., with facilities in 14 states across the country. Including its almost 790 dealers and suppliers, Hyundai has created more than 35,000 jobs in the United States.

Hall & Partners conducts ongoing tracking research for Hyundai, collecting over 900 online interviews per month among new vehicle intenders. The research surveys vehicle decision makers ages 18-54 who currently have a valid driver’s license, and plan to purchase or lease a new vehicle within the next two years.

HYUNDAI MOTOR AMERICA

Hyundai Motor America, headquartered in Fountain Valley, Calif., is a subsidiary of Hyundai Motor Co. of Korea. Hyundai vehicles are distributed throughout the United States by Hyundai Motor America and are sold and serviced through almost 790 dealerships nationwide.

  • karenc

    Cash for Clunkers will end charity car donation since the amount of the voucher would be greater than the tax deduction. Charities rely on the proceeds from car donations to help fund their programs. Why not just repeal the changes Congress made to the tax deduction for charitable car donation?

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