North American Passenger Car Sales for 2008
In 2008, the North American car sales experienced a significant downturn due to the global financial crisis and its impact on the automotive industry. The total number of vehicles sold in North America in 2008 was approximately 13.2 million. This figure includes both cars and light trucks. Passenger cars came in at 6.77 million cars, down almost 11% versus the prior year. The rest of North America was the same story, with all major markets down in terms of new passenger car sales.
The financial crisis that originated in the United States in 2008 had a severe impact on the automotive industry. The crisis was triggered by the collapse of major financial institutions and the ensuing credit crunch, which led to a sharp decline in consumer spending and a contraction in economic activity. The global financial crisis resulted in an economic recession, characterized by a significant decrease in consumer confidence, rising unemployment rates, and tightening credit conditions. These factors greatly influenced car sales as consumers scaled back their purchases and postponed buying decisions.
