21 Jul HOW MIGHT THIS IMPACT THE DEALERSHIPS BUSINESS?
A finance manager employed by an automobile dealership believes that the number of cars sold in his Show more A finance manager employed by an automobile dealership believes that the number of cars sold in his local market can be predicted by the interest rate charged for a loan. Interest Rate (%) Number of Cars Sold (100s) 3 10 5 7 6 5 8 2 The finance manager performed a regression analysis of the number of cars sold and interest rates using the sample of data above. Shown below is a portion of the regression output. Regression Statistics Regression Statistics Multiple R 0.998868 R 2 0.997738 Coefficient Intercept 14.88462 Interest Rate -1.61538 Are there factors other than interest rate charged for a loan that the finance manager should consider in predicting future car sales? Is interest rate charged for a loan the most important factor to be considered in predicting future car sales? Explain your reasoning.The dealerships vice-president of marketing has requested a sales forecast at the prevailing interest rate of 7%. As finance manager what reasons would you convey to the vice-president in recommending this forecasting model? Is the prediction of car sales at 7% a reflection of the current downturn in the economy? How might this impact the dealerships business? Show less
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