Auto industry ok in Myrtle Beach

By: Michelle Carolla | SCNOW
Published: October 03, 2008

The auto industry took a big hit this year. Last month congress voted to give the automobile industry $25-billion dollars to keep workers employed and to modernize manufacturing plants. Sales, however, are down from last year.
Nationally, from September 2007 to September 2008, domestic car sales are down 18% and the traditionally untouched imports are down 19%.
In Myrtle Beach, News 13 spoke with several dealerships that report sales are off, but not drastically. Hyatt Buick said the local market helped keep their business steady.
General Manager, Russ Boykin said that’s not so with other nearby areas. "Our friends are experiencing declines,” said Boykin. “We don't have any growth, we're about 4 percent less than we were a year ago, but we do feel like it's the environment we're in because of the number of retired people in this area."
As for the credit crunch, Boykin said your credit score still carries the same weight, manufacturers are asking for more cash to make a deal.
"As average consumer would come in with 600, 800, maybe a thousand a year ago, today, maybe they want a thousand, 1200 or 1500. Not totally out of the market, but it has tightened up in the last six months,” said Boykin.
Manufacturers are offering tons of incentives to attract customers. Jim Mock of Myrtle Beach is considering taking advantage of the good deals.
"Right now is probably a good time to get a deal on a car, with the economy the way it's going, if you can get financing,” said Mock. "Gas economy is probably the most important issue to me right now, but then again, I still need to have something that's functional, pulls a boat and hauls my family around."
Mock said he may consider scaling down to a smaller SUV. The next six months will really tell the state of the economy. Since January, 750-000 people lost their job.
The trickle down effect is already apparent with slowing consumer sales, more houses going into default and climbing unemployment rates.

Auto industry ok in Myrtle Beach

Auto Industry Woes (Added: October 03, 2008)

Share This:

More from this channel:

Reader Comments

Deal of the Day

Weather

Latest News Video

Things to Do

Links We Like