Hyundai Claims Stalled “Cash for Clunkers” Bill Costing Auto Industry 100,000 Sales Each Month
Automaker urges legislation be fast-tracked
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:
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