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Transportation equipment industry

Valley Auto Dealers Enjoy Record Sales in 1999

Strategic Insights

— 1 min read

Despite economists underestimating sales by more than a million units, Valley auto dealers enjoyed a strong year in 1999, with many reporting double-digit sales increases. A record 16.8 million new cars and trucks were sold across the nation, with Valley dealers attributing the success to a strong economy, attractive interest rates, and aggressive rebates.

Key Takeaways:

  • Valley auto dealers reported significant sales increases, with Hallowell Chevrolet General Manager Bill Hedrick attributing a 10% increase in year-end sales to a strong economy, attractive interest rates, and aggressive rebates.
  • Pistoresi Chrysler-Plymouth-Dodge-Jeep in Madera sold 90 additional vehicles in 1999, a 15% increase compared to the previous year, due to strong sales of Dodge trucks and the new Intrepids.
  • Serpa Automotive Group had difficulty keeping Volkswagens in stock, with the Jetta being the top-selling model, and Hyundai sales doubling in its Visalia, Hanford, and Porterville locations.
  • Lithia Automotive Group reported a 6.9% increase in same-store sales and an average price of $23,164 for a new vehicle in 1999, primarily due to a shift in consumer preferences toward higher-priced SUVs and trucks.
  • Decker Ford's sales of sport-utility vehicles and large "F" Series pickups were strong, but sales numbers were down slightly when compared with 1998, citing the agricultural freeze as a factor.

Statistics:

  • 16.8 million: the number of new cars and trucks sold across the nation in 1999 (Associated Press)
  • 10%: the projected increase in year-end sales at Hallowell Chevrolet (Bill Hedrick)
  • 90: the number of additional vehicles sold by Pistoresi Chrysler-Plymouth-Dodge-Jeep in 1999 (Andrew Wooliever)
  • 6.9%: the increase in same-store sales reported by Lithia Automotive Group (Lithia Automotive Group report)
  • $23,164: the average price paid for a new vehicle in 1999 (Lithia Automotive Group report)

Sources:

  • The Fresno Bee
  • The Associated Press
  • Lithia Automotive Group report to stockholders

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