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CNW: 890 Used-Car Dealerships Closed in October

December 02, 2008

BANDON, Ore. — The number of independent used-car dealerships continues to dovetail in the waning months of 2008 as a lack of floor traffic, sales and consumer financing continues to force closures across the U.S. In October, 890 independent dealers exited the market, according to the latest figures from CNW Market Research.

While sales on used lots fell nearly 14 percent in October compared to the year-ago period, sales among the remaining stores were up slightly to 29.8 percent among cars and trucks compared to 29.1 percent in September 2008. Average transaction prices in November were down 12.6 percent compared to the year-ago period, but 2.6 percent higher than October.

Since January 2008, 2,955 independent used-car dealerships have closed and the total number of dealers nationwide has dropped below 40,000.

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