The Big Three might be sweating blood over whether the Bush administration bails them out or not, but there is a story that's fart broader than the managerial incompetence of US automakers. The bottom line is that Americans are buying fewer cars and driving less.
According to American International Automobile Dealers , car sales fell 37% in November, further confirmation that the US is deep in recession. It's the worst sales data in 26 years.
And in a statement from the US Department of Transportation, Americans drove more than 100 billion fewer miles between November 2007 and October 2008. And that's despite falling fuel prices.
For automakers everywhere, that spells trouble. It means they will have to rethink their business model. This could be good news for the used car industry; as buying new decreases but demand remains high, there will be a huge opportunity for second-hand purchases.
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