March new vehicle sales reflected a steep decline in commercial, fleet and business acquisitions, according to CNW Marketing Research.
"These have been representing more than a quarter of all sales for quite some time but corporate downsizing, less air travel and a poor housing market all combined to contract these non-retail sales," said industry analyst Art Spinella in a research note.
"Most distressing is perhaps the diminishing number of new and used vehicles being purchased by small businesses since most are acquired from franchised new-car dealerships," said Spinella. "This reflects a lack in confidence in the current and near-term business environment and concerns about higher local, state and federal taxes."
Percentage Change vs. March 2008
Source: CNW Research