Chevy Reports Dramatic Growth In Small Business Sales
Written by Jenna Weiner
Chevy purchases by small business owners dramatically increase in the fourth quarter, potentially signaling economic growth.
Major automaker Chevrolet is the latest organization or business to offer hopeful news for small businesses, as the company has seen sales in this sector rise dramatically.
According to Chevrolet, sales rose by a total of 36 percent in the fourth quarter, nearly three times larger than the increase for the industry as a whole. In fact, the company saw sales increase in October, November and December by 15, 39 and 54 percent, respectively.
"Small businesses put off capital expenditures such as vehicle purchases in order to weather the economic storm," said Don Johnson, General Motors vice president of U.S. sales operations. "With the continuing improvement in consumer spending, and improving profitability of these businesses, we're beginning to see a significant influx of small business buyers to Chevrolet showrooms."
And this number may only continue to grow, as lending is expected to loosen up in 2011.
At a Federal Deposit Insurance Corporation forum on small business lending last week, Federal Reserve Chairman Ben Bernanke said that he expects the lending situation to improve this year as banks relax previously stringent funding requirements.
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