This is a money quote, from CNNMoney.com:
“Cars were a bubble just like the housing market was a bubble. That’s going to depress demand in subsequent years.”– Mike DiGiovanni, the head of sales analysis for General Motors.
Wow! Imagine that. Sanity returns. And will keep returning, including in Oakland with much effort.
Indeed, we can see the Auto bubble’s collapse on our very own Broadway Ave.
- Ford dealer-closed
- KIA dealer-moved (closed?)
- Used car dealer across from Chrysler dealer-closed
- Honda dealer-closed?
- New Toyota dealer-closed
All we have left are Infiniti, Lexus, Acura, VW, Chrysler, Audi/Porsche, Mercedes, used Mercedes, used Nissan, and used Honda. All foreign owned except one, which will likely disappear this year.
In another turn-about, the CEO and Chairman of GM Rick Wagoner now supports raising gas taxes to support a $4 per gallon floor price. I suppose TipTopBikeShop owners Richard and Charlotte would second the motion.
Read more on the national story at CultureChange.