When the bad news couldn’t get any worse for Chicago businesses (www.elitechicagolimo.com), the weak American branded auto sales reports have stalled economic recovery in Chicago for even longer. While the foreign brands like Toyota and Honda are on pace with their expectations, the domestic brands have miles of catching up to do.
As a result, the business activity has taken a toll in Chicago. Since the majority of the Chicago economy depends on the transportation industry such as limousines, shuttle buses, party buses, and auto repair, having the vehicle sales drop while the driving activity weakens has made a serious dent in the recovery process. Less people hit the nightlife in Chicago, go shopping, and enjoy their daily activities because the wealth isn’t spreading around or “trickling down” to the consumers.
So while the rest of the United States is making a swift run to match 14 million in vehicle sales expectations this year, Chicago is lagging behind. This is a double whammy for Illinois because of its reliance on the limousine sale, service, and rental industry and the already increasing taxes on the individual tax payers and corporations. Not to mention, there are quite a few major auto insurance companies headquartered in the surrounding Chicago suburbs such as Allstate and State Farm.
Due to the slowing vehicle sales, Chicago is seeing more work done on older vehicles and conversions from old shuttle buses to party buses. Chicago limos are also being converted from older Lincoln, Freightliner, and Chrysler makes instead of the newer models such as Lincoln MKZ.
All hope for Chicago is put on the performance of vehicle sales and service rentals in August, as well as on the upcoming elections which will certainly push things around. Change is certainly welcome in the Windy City.