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(Hosting-NewsWire.com, December 23, 2012 ) San Francisco, CA -- Although reports are coming in slowly, auto dealers and manufacturers say damage from Superstorm Sandy may cause them to scrap as many as 250,000 new and used cars and trucks. Nine days after the storm caused heavy damage, particularly in coastal areas of New York and New Jersey, six of the top eight carmakers by U.S. sales volume had reported a total of at least 16,000 damaged new vehicles, most by flooding. The manufacturers also estimated most of those damaged vehicles eventually will have to be scrapped. Many of those new vehicles were in the Port of Newark, awaiting delivery to dealers, when the superstorm hit. With storage space in the New York-New Jersey area commanding premium prices, many dealers prefer to leave new vehicles shipboard as long as possible. That in turn produces large new-car inventories in ports, where they are vulnerable to massive storms like Sandy. A spokesman for Nissan reported the company will scrap 6,000 new cars and trucks. Toyota, third place for US vehicle sales, says it had found at least 4,825 cars or trucks with storm damage, adding it thinks most will have to be scrapped. The carmaker had about 4,000 vehicles being held at the Port of Newark. Enviro-friendly startup Fisker Automotive reported it lost over $33 million of its luxury Karma hybrids, as 330 of the plug-in sedans selling for over $100,000 each were damaged in Newark. The nation’s two largest carmakers, General Motors and Ford, had not yet reported the extension of their losses, although GM said it lost an unspecified number of Chevrolet Spark subcompacts as the new models shipped from Korea were caught by the storm in Newark. An analyst for the National Automobile Dealers Association estimated the number of storm-damaged used-vehicles dealers would eventually replace as ranging from 100,000 to 250,000. The estimate does not include storm-damaged cars and trucks in consumers’ hands, which would further raise the number of scrapped vehicles. The NADA analyst said the group did not foresee major purchasing of replacement vehicles before December. Industry spokespeople said losses could have been even worse, had dealers not taken advantage of lessons learned from Hurricane Irene last year. The president of the New Jersey Coalition of Automotive Retailers noted many dealers well in advance of Sandy’s appearance had moved their vehicles away from the coastal areas, which sustained the heaviest storm damage. Major carmakers were quick to offer customers in storm-damaged areas varying forms of financial relief, such as several months of deferred payments, financing discounts or special allowances for replacement purchases and leases. About California Car Auto Insurance: California Car Auto Insurance (http://www.californiacarautoinsurance.com/) lets online auto insurance shoppers compare quotes from national and top-rated insurance firms. The easy-to-use website also provides information and tips on how best to make an informed decision on the type of coverage to buy. Besides quick results, it also provides high-quality round-the-clock service. Also, get car insurance for a 18 year old, car insurance for a 17 year old, car insurance for a 16 year old and car insurance with no down payment.
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Source: EmailWire.Com
Source: EmailWire.com
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