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Hawaii auto Sales of new cars and trucks in Hawaii jumped 16.4 percent last year to a 10-year high, in yet another sign that the state's economy is on the mend.
sales zoom to best
level in decade
The 52,456 purchases in 2000
was a 16.4% increase and marked
the third best year everBy Rick Daysog
Star-BulletinLocal consumers snapped up 52,456 new models last year, up from 1999's 45,054, the Hawaii Automobile Dealers Association said in a report released today.
Last year's tally is the third highest behind 54,544 in 1990 and a record 57,456 in 1989.
"We haven't seen economic signals like this in 10 years," said Eric Miyasaki, chief executive officer of Nissan Motor Corp. in Hawaii.Retail truck sales led the way last year, leaping 28.2 percent to 11,704 from the previous year's 9,127. Sales of new cars were up 13.4 percent last year to 40,752 from 35,927 in 1999. Import cars and trucks rose 16.2 percent in 2000 to 27,428 from the previous year's 23,604, while domestic car makers enjoyed a 10.5 percent sale increase to 19,961 from 18,059 in 1999.
With the recent upturn in Hawaii's real estate and tourism markets, local consumers are expressing more confidence these days and that's showing up in big-ticket purchases, Miyasaki said.
He added that during the mid- to late-1990s, many who held back purchases car are reentering the market.
New product introductions have increased the foot traffic to local car dealerships, Miyasaki said, noting that the steep rise in local truck sales, in particular, is largely due to new lines of trucks and sports utility vehicles. Still, the year-end figures are tempered by the industry's fourth-quarter results. The recent stock market downturn and the run-up in gasoline prices have put a dent on consumer confidence, Miyasaki said.
During the recently completed fourth quarter, local car dealers sold 9,321 units. That's an increase of just 1.6 percent from fourth quarter 1999 and a 13.6 percent decrease from third quarter 2000's 12,133.