Credit crunch affecting Bentley demand in the United States
Many people assume that the trans-Atlantic credit crunch, which is currently affecting millions of people, is confined to low income households. However, news this week proves that this is also affecting the spending of some of the world’s wealthiest companies.
Franz-Josef Paefgen, CEO for Bentley cars, has highlighted the fact that the current economic climate is beginning to affect the level of sales being conducted in the US – the companies largest market.
Traditionally, vehicles of such luxury and prestige are assumed to be less likely to feel the peaks and troughs of economic cycles. This is mainly due to the fact that the type of people who invest in a Bentley car tend to be financially very secure and are not particularly influenced by cost themselves.
Yet Paefgen has stated that the company are experiencing a reduction in the demand for Bentley vehicles in two critical areas of the US – New York and California. It is entirely possible that if this trend continues, or deepens even further, then the full effect of this would be felt within the production site at Crewe in Cheshire.
Statistics have indicated that around four thousand five hundred Bentley cars are sold in the US each year – this equates to just under half of their total annual sales level.
Despite this, demand in the UK continues to be stable and the amount of people investing in Bentley hire for their special occasions is actual rising. Their cars will always be at the forefront of people’s minds when hiring a limo, due to their elegance and notoriety which has stood the test of time. With this in mind, it is hard to see the current trends in the limousine industry altering too drastically.
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