Essay: How Economy effects Automotive Industry
When the economic status of a country or the world economy is stable, the automotive industry also benefits from huge sales and benefits. The automotive industry also has a huge impact on the U. S economy as it is a major consumer of the textiles, aluminum, copper, lead, vinyl and computer chips.
Just like every other industry in the globe, change in technology has greatly affected the automotive industry. The Internet has especially promoted automobile sales as it provides the necessary exposure and easier access to the global markets. Most transactions are now carried out online thus reducing the costs and improving the efficiency. Ford, General Motors and Daimler Chrysler have already created a global online exchange system which facilitates transactions between the respective industries and their suppliers and the original manufacturers of the equipments used for making automobiles. In addition, technology has helped automobile manufacturers to come up with more fuel-efficient cars which are faster and more environmental friendly.