Streams

Auto Show Attendees Fixated on the Economy

Thursday, April 09, 2009

The New York Auto Show opens to the public today at the Jacob Javits Convention Center. WNYC's Ilya Marritz attended a preview for industry people and found no one has escaped the down economy.

REPORTER: Rene Abdallah is a good example of how the Detroit's problems affect our area. He's an underwriter for car leases, based in Stamford, Connecticut.

ABDALLAH: Let's say you go into a dealership and you're looking into leasing a car. We insure the leases.

REPORTER: Abdallah's company has a lot riding on the car business - just like many other financial services firms, and advertisers, and car dealers in and around New York. Right now, Abdallah sees two worrying trends:

ADBALLAH: We're seeing on the claims side the exposure growing, at a time when revenue on the new side going down, so really the economy is what keeps us up at night.

REPORTER: On the plus side, he says, some carmakers are offering great lease deals that would have been unimaginable when the economy was good. For WNYC, I'm Ilya Marritz.

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