Sales of imported cars in S. Korea at 3-year low amid credit squeeze

SEOUL, Dec. 3 (Yonhap) -- Sales of imported vehicles for November in South Korea
hit their lowest level in almost three years as weak consumption and tight credit
forced consumers to shun showrooms, an industry data showed Wednesday.
Import sales plunged 31 percent from a year earlier to 2,948 units last month,
marking the lowest sales figure since February 2006, when sales stood at 2,690,
the Korea Automobile Importers and Distributors Association in a statement.
"Sales are significantly declining due to a protracted credit squeeze at
auto-leasing companies," said Yoon Dae-sung, an executive vice president of the
association.
Last month, BMW was the most popular foreign brand in South Korea with 422
vehicles sold, followed by Honda Motor at 385 and Mercedes-Benz at 333.
Meanwhile, sales of imported cars in South Korea rose 18.1 percent from a year
ago to 57,602 units in the first 11 months of this year, the association said.
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