There’s no pretty way to say it; chauffeured transportation got thwacked since the last industry Fact Book was published in June 2008.
The recessionary drubbing has hit all sectors of the economy, especially coachbuilders and business-related travel services. Recent numbers show a painful, prolonged decline beyond any prediction last year.
Most operators started taking serious hits in 4Q 2008 in tandem with the market meltdowns and financial panics. However, despite the declines, the Fact Book numbers point to stability and survival. We’re still here, and will be next year. So will many of you. Beyond that, we can say nothing more.
This year, LCT Magazine has grouped together the “BIG 4” statistical snapshot which provides the big picture state of the industry by the numbers:
1) gross revenues; 2) operators; 3) vehicles; and 4) profits.
As expected, none of the “Big 4” look fabulous as 2008 marked a year of transition from a strong growth trend to the onset of a steep, recessionary decline. As of publication, some sectors of the U.S. economy were showing early signs of a bottoming out in the 2Q and/or 3Q of 2009.
COMPLETE GRAPHICS AND NUMBERS IN LCT JUNE ISSUE. Some sneak peek highlights:
Total industry revenue 2008: $2.57 billion, down from $4.76 billion in 2007
Chauffeured vehicles on the road:
2007: 135,156 2008: 112,616
Top state where operators do business: California
Top city: New York