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Australia Auto Crash on Top of Housing Crash

• moneymaven.io by Mike Mish Shedlock

News AU reports New-Car Sales Hit the Brakes for the Sixth Month in September.

Here's the punchline: Dealers report the downturn is sharper than what the reported sales figures show.

Official figures show new-car sales hit the brakes for the sixth month in a row in September.

The slowdown means dealers are overstocked as they head into the quietest months on the calendar and trying to clear end-of-year models.

September's downturn of 5.5 per cent over the same month last year — to 94,711 reported sales — doesn't tell the full story. Dealers claim the figures are inflated and the real position is much worse.

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