Industries

Auto Industry - Industry

Auto Industry - Industry

The Automotive Industry is a major industrial and economic force worldwide that employs 4 million people directly, and many more indirectly. This industry comprises a wide range of companies and organizations involved in the design, development, manufacturing, marketing, and selling of motor vehicles, and components such as engines and bodies. The Automotive industry makes 60 million cars and trucks a year, being responsible for almost half the world’s oil consumption. China is counted among the largest automobile markets worldwide, both in terms of sales and production.

Auto Financing

  • Years ago it was common to pay for a car in cash
  • Over time financing became popular - first 2 years financing
  • Over time financing terms became longer and longer
  • Now (2018) its most common to finance or lease a car
  • Cars have switched from being an asset to a liability for most consumers