PIN: Hurricane Katrina, Rising Gas Prices Hurt New-Vehicle Sales
In the wake of Hurricane Katrina, new-vehicle sales in the storm-ravaged area have plummeted 82 percent, according to the Power Information Network (PIN).
In the wake of Hurricane Katrina, new-vehicle sales in the storm-ravaged area have plummeted 82 percent, according to the Power Information Network (PIN).
PIN analyzed sales figures the weekend prior to the hurricane compared to those of the following weekend in New Orleans and Baton Rouge, La., Biloxi, Miss., Mobile, Ala., and Pensacola, Fla. New-vehicle sales fell 19 percent in surrounding areas such as Atlanta, Houston and Miami. Sales were up slightly in the rest of the country.
SUV and pickup sales have declined sharply nationwide after the hurricane pushed gas prices up and depleted inventories.
On Aug. 31, full-size SUVs accounted for just 9.9 percent of retail SUV sale – down from 16.4 percent. The overall SUV segment share has declined from 30.1 percent at the beginning of August to 25.7 percent at the end of the month. This represents a return to the SUV share levels that existed prior to the Big 3’s summer pricing incentives.
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