Zero Percent Financing Brings Auto Sales Back from Post-Attack Slump: J.D. Power and Associates
Zero percent financing offered by the nation's automakers after last month's terrorist attacks has sparked a distinct recovery in auto sales, according to a report issued Oct. 11 by J.D. Power and Associates.
According to sales data gathered from more than 5,000 dealers, vehicle sales on Oct. 9, 2001 were 15 percent higher than on Oct. 9, 2000. On Oct. 10, sales were 30 percent higher than the same day a year ago. Both day's sales were
slightly lower than during the four Tuesdays and Wednesdays prior to the attacks.
"There were a significant number of buyers who weren't seriously in the automotive market," said Robert Schnorbus, chief economist with J.D.
Power, an Agoura Hills, Calif.-based marketing research firm. "The zero percent financing has changed their minds," he said.
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