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Letter to the Editor

Falling Auto Sales Point to Lessening Demand for Auto Insurance

OLDWICK, N.J. -- According to an A.M. Best report, a direct indicator of demand for personal auto insurance, seasonally adjusted dollar sales of both new and used autos fell 0.7 percent in March, after a 0.1 percent gain in February.

Year-over-year sales held negative for a second month, down 0.7 percent from March of 2000, after February 2001's 1.2 percent decline from the year before. Prior to February, annual sales growth had not been negative since the last recession, in 1990 to 1991.

The numbers do not include leasing transactions or automotive sales to businesses.

Total retail sales in March fell 0.2 percent from February, but were up 1.9 percent from March of 2000. Adjusted for inflation, though, total annual retail sales fell 1.5 percent, a phenomenon rarely, if ever, seen outside of a recession.

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