Glossary / General

Great Recession

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Too Afraid to Ask

The Great Recession was a big economic downturn that happened around 2008, causing many people to lose jobs and spend less money, which hurt car sales.

Technical Definition

The Great Recession was a severe worldwide economic crisis that occurred from 2007 to 2009, leading to significant declines in consumer spending and major financial institutions facing bankruptcy. It had a profound impact on the automotive industry, resulting in decreased vehicle sales and several manufacturers declaring bankruptcy.

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"It just shows you how much the business has changed in the great recession of 2008, for example. General Motors has shed four or five different name plates that never to come back again."

Lessons From A Life In Car Sales In Wheel Time Podcast: Your Go-To Automotive Talk Show 15:00

"And then we had the great recession, and it became almost impossible, even for people with really good credit, to get approved for loans, whether it be mortgages, whether it be car loans."

Banks SCREWED The Car Market (SCARY DATA) | Episode 1086 CarEdge Live 12:51

"...there was this small financial problem that developed it was called the Great Recession..."

A chronological story of how a young man from East Tennessee became a Car Guru My Car Guru Podcast 07:47

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