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CNN Live Today

Motorhead's Dream at New York Auto Show

Aired March 27, 2002 - 12:50   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
BILL HEMMER, CNN ANCHOR: In New York, Fred Katayama has been waiting patiently as we shift gears to the road show in New York City.

Fred, good afternoon.

FRED KATAYAMA, CNN CORRESPONDENT: Good afternoon, Bill.

It's a motorhead's dream here at the New York auto show, enough vehicles to create a Manhattan-sized traffic jam, More than one thousand cars and trucks on display. Now this being Manhattan and not Detroit, the focus is on small cars and luxury cars, cars small enough to navigate Manhattan's roadways, and luxury cars that Wall Streeters can afford.

Over my shoulder is the Lincoln showroom, and earlier today, Ford's Lincoln division unveiled the Aviator. That is a new mid-sized sports that is a little cheaper and smaller than the navigator. Luxury cars are really hot. Sales have nearly doubled for that category over the past decade.

But the real headline grabber today was GM, its Saturn division. It unveiled the ION. That is the first small car that Saturn has launched in 12 years, basically since its founding. It's clearly aimed at the youth market, as you can see. They've got a center- mounted instrument panel, so that frees up the driver to change the steering wheel. Also the roof rails. That's the strip just above the doors, they're removable, so that owners can customize a look of their vehicles.

And one veteran auto writer we spoke to said he liked what he saw.

(BEGIN VIDEO CLIP)

JERRY FLINT, "FORBES" AUTO COLUMNIST: It will do well. It should do well for Saturn, and start bringing Saturn back. They have been lying there dormant for four years, and now, you can see those returns starting.

(END VIDEO CLIP)

KATAYAMA: Overall, it has been a good year for the industry so far. Sales are up, and Wall Street analysts have raised their estimates for sales this year to north of 16 million vehicles, and the reason for that, cars are still a affordable, incentives, such as rebates, are still out there, interest rates are low, and used car values are high, meaning that consumers can trade if used cars get a good price on that, and use it to buy a new car or a truck.

Bill, back to you.

KATAYAMA: Sounds pretty good. We'll see you on the road.

Fred Katayama, in New York.

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