2007 U.S Automotive Sales Research
2007 was a pivotal year for the U.S. auto industry, marked by significant shifts and early signs of the impending financial crisis. 2007 saw a notable decline in auto sales, and the U.S. auto industry braced for an economic downturn. Total vehicle sales dropped to around 16.1 million units, a decrease from the 16.5 million units in 2006. The decline was more pronounced in the second half of the year. The traditional "Big Three" American automakers (General Motors, Ford, and Chrysler) faced continuing challenges. They experienced declining market shares, and their financial health became a major concern, especially with the looming economic recession. Japanese automakers, in particular Toyota, made significant inroads into the U.S. market. In 2007, Toyota overtook Ford as the second-largest automaker in the U.S. in terms of sales, emphasizing the shifting dynamics in the industry. Both Ford and General Motors continued to grapple with financial issues. Ford sold Aston Martin, and Chrysler went through an ownership change as Daimler sold 80.1% of Chrysler to private equity firm Cerberus Capital Management. The bursting of the housing bubble and the ensuing credit crunch began to affect consumers' ability to secure financing for auto purchases, further dampening sales.