Up to 500,000 Houston cars may be destroyed by Hurricane Harvey. Related: Corporate America donates over $40 million to Harvey relief -- so farAbout 250,000 cars were destroyed when Sandy hit the East Coast, Smoke said. Car ownership is higher in Houston than New York, which could help explain why the number of cars destroyed by Harvey may be so much higher. Smoke said it would be "sobering" if Houston lost more than 300,000 cars given that the Houston area has seen 325,000 new vehicle sales in the last 12 months. Related: Hurricane Harvey victims get a tax extensionSmoke explained that while demand for cars typically drops during the month of a hurricane, it spikes shortly after and causes prices to increase.

Source: CNN August 29, 2017 23:48 UTC