US auto industry hit by Hurricane Harvey
Thousands of new cars damaged, hundreds of dealerships close in one of the country’s biggest car markets
The entire auto industry is set to feel the impact of the storm that has relentlessly battered southeastern Texas.
Citi analyst Italy Michaeli has cut his estimate for auto sales in August, which will be reported on Friday. Michaeli says that the storm will affect 60% of the state’s sales, according to CNBC.
AutoNation executive vice president Marc Cannon summed it up speaking to the financial news network: “This is bad; real bad.”
All of the chain’s 18 dealerships in the Houston area were reportedly shutdown amid the widespread flooding.