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After Hurricanes - USA - Industry Recovers from Katrina and Rita
The long months ahead are fraught with salvage titles and total losses
Pleasant Ridge, MI,USA -The Car Conection, by Mike Davis -2005-09-26 :-( Estimates of vehicle losses vary widely Carfax Inc. guessed 250,000 to 500,000, according to Automotive News. A Dallas newspaper predicted 300,000. These may be as exaggerated as the early, panicked predictions of 10,000 lives lost in New Orleans, but there's no question the number of vehicles lost is huge... A report September 21 by the online New Orleans Times-Picayune said Louisiana State Police estimated 200,000 vehicles lost in the state to Katrina. That was before Rita. Likewise, the largest auto insurer, State Farm, told the Times-Picayune it already had nearly 80,000 Katrina-loss auto claims in the four-state area, with numbers expected to rise... Filling this vehicle loss gap will boost used-car values in the South and likely raise new-car sales transaction prices as well. People desperate for wheels aren't likely to be overly concerned with shopping for the best deal. Replacing depleted or lost - dealer inventories also generate higher production volumes for the manufacturers. And car owners who have been unexpectedly turned into new-car buyers prematurely, before their loans were paid off, may take advantage of the timing to switch to more economical models in the face of today's higher gas prices... FURTHERMORE: What can you do to minimize damage to car and home when the next hurricane blows your way? For one thing, advise experts, get a stronger door for your attached garage...
posted by Unknown @ 9:45 AM
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