Storm-Damaged Cars Could Boost Auto Sales
STEVE INSKEEP, HOST:
NPR's business news starts with a whole bunch of insurance plans.
(SOUNDBITE OF MUSIC)
INSKEEP: Maybe also some auto industry stimulus here. As many as a quarter million cars and trucks damaged when Sandy stormed up the East Coast will have to be scrapped. That's according to the National Automobile Dealers Association. The estimate is less than the 325,000 cars ruined by Hurricane Katrina, but it's still an awful lot of cars.
Analysts say the vehicle damage could boost sales for automakers selling replacements. It could also help offset the automakers' own direct losses as they scrap thousands of brand new flood-damaged cars stored around the port in Newark, New Jersey.
NPR transcripts are created on a rush deadline by Verb8tm, Inc., an NPR contractor, and produced using a proprietary transcription process developed with NPR. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.