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Another 890 Used-Car Dealerships Close in October

December 2, 2008

The number of independent used-car dealerships continues to dovetail in 2008, with the closure of 890 dealers in October, according to CNW Market Research. A lack of floor traffic, sales and consumer financing contributed to those closures.

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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