International Automobile Dealers Announce Monthly Sales

Overall Vehicles Sales Continue to Fall, Hitting a 27-Year Low

ALEXANDRIA, Va., March 4, 2009: The American International Automobile Dealers Association (AIADA) today released February 2009 sales figures for the international automobile industry. AIADA represents over 11,000 international franchises, which so far this year account for 56.5 percent of all vehicles sold in the United States. Overall sales, unadjusted for business days, were down 41 percent from February 2008.

"The auto retail industry in the United States is suffering greatly, and tens of thousands of jobs are being lost with each passing month of lower and lower car sales," said AIADA Chairman Russ Darrow. "The retail sector of our economy drives the manufacturing sector. In order to achieve a comprehensive economic recovery, Congress must focus on retail, and empowering Americans to buy again." Darrow is the chairman and chief executive officer of the Wisconsin-based Russ Darrow Group, Inc., a family owned company that includes 20 automobile dealerships, 28 franchises, and a nationwide fleet department.

According to numbers from Autodata Corp., international brands sold 383,707 vehicles in February, down from 574,150 in February 2008. Asian brands accounted for 47.3 percent of the market, up from 41.8 percent in February 2008, and Europeans had an 8.4 percent share, up from 7 percent. Domestic brands finished the month with 44.3 percent of the market. While the news was grim for most carmakers, three international makes - Kia, Smart, and Subaru - all saw increases over February 2008.

On Monday, in joint letter with the Chairmen of the National Automobile Dealers Association and the National Association of Minority Automobile Dealers, Russ Darrow asked President Obama and his economic team to institute policy initiatives to stave off further job loss in auto retailing, and lay the foundation for a broader economic recovery. The two-pronged plan includes revitalizing the asset-backed securities market for wholesale and retail auto loans and expanding the Small Business Administration loan guarantee program to provide working capital for auto dealers.

February marked the lowest annualized auto sales rate (9.12 million vehicles) since December 1981. Adjusted for population growth, it would be the lowest rate since the 1960s. The weak sales are rooted, in part, in consumer confidence, which is at its lowest point since the factor was first measured by the Conference Board in 1967. For more information on automobile sales data, and to view a full report on February automobile sales, click here: AIADA