DETROIT, April 21 (UPI) -- Automobile industry analysts say they are reducing their sales estimates for 2008 in view of declines so far this year.
Reduced credit availability and record-breaking gas prices are conspiring against the industry, analysts said in a Detroit News report Monday.
J. D. Powers and Associates estimates total sales of 14.95 million vehicles. The total was above 16 million in each of the past two years.
"It's an unusual downturn," industry analyst Jesse Toprak, told the News. "Nothing like this has ever happened before."
Dan Frost, owner of five Chrysler and Hummer dealerships in Michigan, told the newspaper credit is the No. 1 issue.
"It used to be that, in a month, if you had 1,000 contracts, you could get 850 financed. Now, it's 750 or 775 applications that are accepted."