Luxury Car Market Back In Swing

[veeman]

http://www.nytimes.com/2014/01/02/business/high-rollers-in-a-buying-mood.html?ref=automobiles




The gap between the uber rich and entry level fast food/retail workers is getting larger and larger.  The middle class is shrinking.  Everyone knows that. 

But it's good to see these high end cars selling well.  I didn't realize that smaller markets in the midwest have that many high end car dealerships/buyers.  Places like Cleveland and Minneapolis.

[MX793]

I wouldn't consider Minneapolis or Cleveland "small markets".  Minneapolis is the 16th most populous metro area in the US (3.4 million people) and the Cleveland metro area is in the top 50 (with more than 2 million people).

[veeman]

I wouldn't consider Minneapolis or Cleveland "small markets".  Minneapolis is the 16th most populous metro area in the US (3.4 million people) and the Cleveland metro area is in the top 50 (with more than 2 million people).

It is all relative.  In NFL, NBA, and Major League Baseball speak, Cleveland and Minneapolis would be considered small markets compared with Houston, Atlanta, Chicago, etc.  They are large enough and have enough of a fan base to support a major league team but the revenue the teams generate for the league is smaller than the larger market teams.

Similarly in luxury car sales, Cleveland and Minneapolis would be considered small markets compared with the larger cities and their surrounding suburbs who have a larger number of wealthy residents.

I'm comparing Cleveland with Chicago, not Cleveland with Akron.

[SVT666]

I'm pretty sure luxury sales have only increased since '08. This is not news.

[MX793]

It is all relative.  In NFL, NBA, and Major League Baseball speak, Cleveland and Minneapolis would be considered small markets compared with Houston, Atlanta, Chicago, etc.  They are large enough and have enough of a fan base to support a major league team but the revenue the teams generate for the league is smaller than the larger market teams.

Similarly in luxury car sales, Cleveland and Minneapolis would be considered small markets compared with the larger cities and their surrounding suburbs who have a larger number of wealthy residents.

I'm comparing Cleveland with Chicago, not Cleveland with Akron.

Naples FL, which has a metro area population of only 315,000 (and a city population of only about 20K), has dealerships for Bentley, Rolls Royce, Aston Martin, Land Rover, Jag, Mercedes, BMW, Porsche, Maserati, Audi, Lexus...  Basically everything but Ferrari, Lotus and Lamborghini.

[veeman]

Yes but Naples Florida is an outlier and not representative of 99.9% of cities of its size.  The same can be said of Beverly Hills, Malibu, etc.

[MX793]

Yes but Naples Florida is an outlier and not representative of 99.9% of cities of its size.  The same can be said of Beverly Hills, Malibu, etc.

Beverly Hills is within Los Angeles and Malibu is a suburb of LA (both are part of the LA metro area).  Naples is at least 50 miles from a major city.

[Soup DeVille]

I love how this is couched in an argument about wealth disparity.

I'm not sure if its (as Cougs might opine) excellent internetry, or just basic trolling.

[Gotta-Qik-C7]

I wouldn't consider Minneapolis or Cleveland "small markets".  Minneapolis is the 16th most populous metro area in the US (3.4 million people) and the Cleveland metro area is in the top 50 (with more than 2 million people).

Agreed! I live here in Cleveland and while it's no NYC or Chicago it is a major metropolis! Especially when you figure in the suburbs (where ALL of the high end car dealerships are located) that surround the city and stretch damn near to Akron.

[veeman]

I am from Cleveland.  I love that city.  It is considered a small market in print and television media speak.  There's no shame in that.  It's reality.  That was the reason it was specifically mentioned in the article.

[Gotta-Qik-C7]

I am from Cleveland.  I love that city.  It is considered a small market in print and television media speak.  There's no shame in that.  It's reality.  That was the reason it was specifically mentioned in the article.

Yeah Thats true!