Hurricane Harvey may have destroyed 1 million cars—and changed the U.S. used auto market

The flooding caused by Hurricane Harvey may have destroyed 1 million cars—and in doing so, totally changed the U.S. used auto market.

As the city works to assess the damage of historic rainfall and unprecedented flooding, analysts are starting to issue estimates on how many cars will be unrecoverable. It’s bad. 

Analysts from Evercore ISI said more than 1 in 7 cars in the Houston area could be done for, while an economist for Cox Automotive is estimating between 300,000 and 500,000 people will have lost their cars, according to USA Today.

Adding in the number of cars lost by businesses—including car dealerships—and estimates are reaching 1 million, according to auto analysis firm Black Book.  Read more…

More about Cars, Hurricane Harvey, Business, and Climate Environment

Originally syndicated from Hurricane Harvey may have destroyed 1 million cars—and changed the U.S. used auto market