2002 U.S. Convertible Sales Dip According to R. L. Polk & Co.
2002 Below Record 2001, But Higher as a Percentage of the Passenger Car Market
SOUTHFIELD, Mich., March 24 -- Total convertible registrations for the U.S. in 2002 reached 302,320, a drop of 2.7 percent from 2001. Despite the drop, 2002 was just the second year in the past 30 that convertible registrations topped the 300,000 mark.
Although the total number of convertibles was down in comparison with 2001, convertibles made up a larger percentage of the total passenger car market, accounting for 3.8 percent of total passenger car registrations in 2002 compared with 3.6 percent in 2001.
"Convertibles continue to be an important and growing part of the automotive market in the U.S.," said Lonnie Miller, director of analytical solutions at R. L. Polk & Co. "Car companies use them to build showroom traffic, evolve brand image and attract new buyers into a franchise. New convertibles like the Audi A4, the BMW Z4, the Ford Thunderbird and the New Beetle Convertible from VW continue to infuse life and interest into this segment. The growing number of new convertible offerings gives evidence of the strategic importance they play both for consumers and manufacturers."
The convertible market in the U.S. has been very healthy since the mid 1990's. The 2001 high-water mark was the first time in over 30 years that the U.S. convertible market surpassed the 300,000 unit level. While the convertible market was down 2.7 percent from the previous year, the general U.S. passenger car market fell 6.0 percent in 2002 and the overall U.S. light vehicle market was down 3.3 percent.
The Chrysler Sebring Convertible regained the title as the top-selling ragtop in 2002 after a two-year hiatus, with 43,809 registrations. The Ford Mustang, which had been in first place, came in second with 42,418 registrations. The Ford Thunderbird jumped to third place from its introductory level of 22nd in 2001 with 19,356 registrations.
The Top Ten Convertibles in the U.S. in 2002*: * Chrysler Sebring 43,809 * Ford Mustang 42,418 * Ford Thunderbird 19,356 * Mitsubishi Eclipse 15,887 * Lexus SC 430 14,925 * Mazda Miata 14,089 * Mercedes SL 12,415 * Chevrolet Corvette 11,959 * Porsche Boxster 10,300 * Honda S2000 9,728 *Source: R. L. Polk & Co. 2002 Total New Vehicle Registrations.
"Convertible sales are not restricted to warm weather climates, but are popular throughout the country," remarked Miller. "Larger DMAs around the country are important convertible markets. However, when we look at retail convertible registrations as a percentage of overall passenger car sales, warmer climate markets come to the top of the list."
The Top U.S. DMAs for Convertibles in 2002*: * Los Angeles 30,418 * New York 27,040 * San Francisco/Oakland 12,448 * Chicago 10,589 * Miami/Ft. Lauderdale 9,931 * Philadelphia 9,657 * Orlando 9,182 * Washington DC 8,589 * Detroit 8,181 * Tampa/St. Petersburg 7,564 *Source: R. L. Polk & Co. 2002 Total New Vehicle Registrations. DMAs with Highest Retail Convertible Market Share Out of Total Passenger Car Registrations* * Ft. Myers/Naples 7.3% * Palm Springs 7.1% * Monterey/Salinas 6.3% * San Diego 5.6% * Santa Barbara/San Marcos 5.5% * Miami/Ft. Lauderdale 5.2% * Wilmington 5.1% * Panama City 4.8% * Tampa/St. Petersburg 4.8% * Bend, OR 4.6% *Source: R. L. Polk & Co. 2002 Retail New Vehicle Registrations.
