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Car Sales Weaken in Philadelphia, New York: Beige Book

While Hurricane Sandy reduced economic activity in the Philadelphia and New York area, much of the rest of the nation experienced a moderate rise in economic activity. These trends were similar to the patterns drawn by car sales in America.

The Beige Book reports that while car sales dropped in New Jersey, New York, and Philadelphia in the aftermath of Sandy, they should shortly be increasing again since insurance companies along the East Coast have already distributed around 30,000 checks for cars that the storm either damaged or destroyed.   

Industry insiders believe that car supplies in the storm-ravished areas will remain tight for some time to come due to the increasing demand and the loss of approximately 15,000 new vehicles that were caught sitting at the Port Newark-Elizabeth Marine Terminal in northern New Jersey when the storm struck.

About the Author

The author has many years of experience in automotive finance and insurance. However, each consumer's situation is unique. It is best to contact a finance specialist for further assistance.
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