Nov 7, 2008 11:34 pm US/Eastern
S. Florida Auto Show Rolls Into Struggling Market
MIAMI BEACH (CBS4) ―
The auto industry is suffering through some of the toughest times it has seen since the Great Depression. The economy continues to decline on news about fields like the auto industry. It's against that backdrop that the 38th annual South Florida International Auto Show kicks off on Friday at the Miami Beach Convention Center.
Whether your taste in cars is economical, a bit expensive, or on the cutting edge, South Florida's Auto Show has it all on display this weekend. Over 40 of the world's top automakers will show off their latest models in hopes of helping kick starting both the local and national economy. Sales have dropped off 30 percent just in the last month.
"I've been in the business 32 years. I've never seen the market like this, drop off like it did so quickly," said Richard Baker, a member of the South Florida Automobile Dealer's Association. "Right now, I think it's public perception."
With the economy plunging, car sales are stalling. It's expected some 2 thousand dealerships will close in 2009. Some shops around South Florida have already done so.
"The strongest survive," said Monarch Dodge dealer Mark Hodos. "There is always people that won't be here later on, but it makes the dealerships that survive the strongest." Mark Hodos has been in business for more than 30 years and has no plans to go anywhere. But to stick around, he's being forced to make major changes. "We'll give a car away for prices that were unbelievable a few years ago, because we have to move the inventory. We're paying interest on them while they are on our floor plan.
The Show Car for this year's auto show is the new Chevrolet Camaro. The once powerful icon has been on the shelf for several years after sales declined through the 1990's. But the new model might turn as many heads as recent power cars like the Dodge Charger.
The new Camaro will come with a base engine producing upwards of 300 horsepower from a 3.6-liter V6, or, a more powerful LS3 V8 capable of producing 422 horsepower.
Other new models will include cars from Infiniti, Audi, Mercedes, Nissan and Suzuki to name a few.
The auto show will also feature some special attractions like Million Dollar Alley and Memory Lane. Million Dollar Alley will display the high-end market cars most of us can only dream of owning, while Memory Lane will showcase classic cars.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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