Tough year for the auto industry

These features had a negative impact on car dealers operations, local manufacturer Automobile Dacia, controlled by Renault, and some 400 car part suppliers for both local and foreign markets.
The year started with severe labor shortage, but ends with massive layoffs in the auto sector.
New car sales amounted to some 370,000 units in 2007, after seven years of annual growth close to 30 percent, which made Romania one of the most dynamic markets in Europe. Dealers were expecting 2008 sales to reach the 400,000 threshold, so they made record-high investments in new showrooms and service units. However, the financial crisis turned the market upside down. The car market only amounted to 330,000 units, after 30 percent monthly decline in October and 50 percent monthly decline in November.