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We’re continuing to see progress, with most of the recovery happening at a local level as more and more markets open up and see sales pick up. Top trends remain the pandemic, employment and consumer sentiment.
DEALER.COM CONTINUES TO SEE BOTH NEW AND USED VEHICLE FORM SUBMISSIONS OUTPERFORM
Unique credit applications on same-store basis,
slightly up y/y last week
Jonathan Smoke, Cox Automotive’s chief economist, examines the nationwide impact on U.S. auto sales in this bi-weekly update.
Find out how COVID-19 is changing the automotive business and other research insights.
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As the U.S. economy and auto industry begin to take the first cautious steps toward a recovery from the global pandemic, the team of analysts at Cox Automotive set out to measure how COVID-19 reshaped auto retail in the U.S. Certainly, the immediate impact on auto sales was obvious and severe, with new-vehicle sales off near 70% in highly impacted markets. As the inevitable sales rebound begins, though, Cox Automotive was interested in assessing the medium- and long-term changes the industry will feel in the months and years to come.