when does a car get a salvage title
Salvage title In North America, a salvage title is a form of vehicle title branding, which notes that the vehicle has been damaged and/or deemed a total loss by an insurance company that paid a claim on it. The criteria for determining when a salvage title is issued differ considerably by each state, province or territory. In a minority of states and Canadian provinces, regulations require a salvage title for stolen or vandalized vehicles which are not recovered by police within 21 days. In such cases insurance companies declare a vehicle total loss and pay off the previous owner;[1] but, in others, it is issued only for losses due to damage. Under some circumstances, a salvage title denotation may be removed or replaced with a Rebuilt Salvage designation;[2] and cars imported to, or exported from, the United States may be issued a clean title regardless of history.
Automotive industry in the United States The motor vehicle industry began with hundreds of manufacturers, but by the end of the 1920s it was dominated by three large companies: General Motors, Ford, and Chrysler, all based in Metro Detroit. After the Great Depression and World War II, these companies continued to prosper, and the U.S. produced nearly three quarters of all automobiles in the world by 1950 (8,005,859 of 10,577,426).[2][3] Beginning in the 1970s, a combination of high oil prices and increased competition from foreign auto manufacturers severely affected the companies. In the ensuing years, the companies periodically bounced back, but by 2008 the industry was in turmoil due to the aforementioned crisis. As a result, General Motors and Chrysler filed for bankruptcy reorganization and were bailed out with loans and investments from the federal government. But according to Autodata Corp, June 2014 seasonally adjusted annualized sales is the biggest in history with 16.98 million vehicles and toppled previous record in July 2006.[4]