The LATreports that luxury car sales dropped 15 percent in March, more than the overall decline of 12 percent.
That decline would buck the conventional wisdom that the wealthy are largely immune to market woes. To some degree that’s true, as the relative stability of $5-million-plus real estate in the face of the housing crisis has shown. But weakness in the “low-priced” luxury auto segment—generally defined as cars costing $35,000 to $60,000—seems to indicate that the country’s financial troubles are creeping into loftier socioeconomic climes.
Zell’s new business model
Finally, whether Sam Zell eventually adds any value to the newspaper industry or not, he’s bringing some much-needed comic relief. The real-estate tycoon, now media baron, had some April Fool’s fun with the Tribune Company’s Web site, adding a “DebtoMeter” and puppy pictures and renaming the company ZellCoMediaEnterprises Inc. for a day.
Our favorite feature: a Tip Jar that said “Hey buddy, help a paper out?”