The state of Maryland recently purchased 15 acres for the purpose of storing a huge backlog of new automobiles that are clogging the docks at the port of Baltimore. Over 57,000 unsold domestic and imported automobiles are sitting at that port alone, and thousands more are sitting at other ports across the United States. “People just aren’t buying high-end products now,” said James J. White, executive director of the Maryland Port Administration. “Before this worldwide economic downturn, we had enough space in existing facilities.”
In normal times, the imported cars sit at ports for a week or so before being transported to dealerships and sold. For the past several months the cars have been piling up, as dealerships cope with a global credit crunch and a dramatic slowdown in sales. The 15-acre lot that will hold the overflow will cost the State of Maryland $5.25 million. The average time that an imported car sits at port has stretched from one week to over a month.
Tags: Imported Cars, Maryland, Stockpile