Our global auto industry sits idle at an interesting intersection. The signs of a recovery are clear and plentiful, but the return to normal is anything but an easy path forward. This is particularly true in the U.S., where May auto sales for both new and used vehicles were well above April numbers but still well below historic norms.
In late April and early May, the Cox Automotive team measured dealer sentiment and, with the industry only beginning to see hope, the results were as expected, with negative sentiment in nearly every category. Deep within the Q2 2020 Cox Automotive Dealer Sentiment Index, however, there were signs of hope: A majority of franchised dealers remain optimistic about the future, feeling that the months ahead will be strong for the industry.
The optimism is a comforting reminder that the best auto dealers are entrepreneurial by nature and optimistic to their core, always believing in a brighter future. Auto sales in the next three months will likely show steady improvement, although inventory issues and general economic conditions will make any gains hard-earned.
Cox Automotive is certainly ready for better days. Our team has been relentlessly focused on helping the industry move forward, and as a leading automotive services provider, we’re uniquely positioned to help.
Earlier today, Cox Automotive President and CEO Sandy Schwartz sent a letter to our many clients and partners (https://www.coxautoinc.com/the-way-forward/). “Our best minds have been imagining the ‘next normal’ for the auto industry and we’re beginning to see what will be necessary to thrive post-pandemic — a collection of new and updated strategies we’re calling The Way Forward. The goal is the same as it has always been: to sell more cars, more efficiently than ever before. And our pledge to help you do that has never been stronger.”
Cox Automotive leadership and employees are focused on three strategies to help move the industry forward:
Accelerating Digital Adoption: Across our many platforms, we are helping our clients move their auto retail and wholesale operations online. As we help the industry recover, that effort will continue to be central.
Real-Time Market Insights: Our data and insights can help dealers retail and service vehicles in a more efficient, profitable and customer-focused manner.
Be Human at Your Core: Cox Automotive is a private, family-owned business that fully appreciates that the automotive business will always be a people business. No matter how much technology is used to gain operational efficiencies, it is equally important to use technology to personalize relationships with customers.
Our team firmly believes the months ahead will be some of the industry’s most important, dynamic and exciting. And like many auto dealers, all of us at Cox Automotive are optimistic to the core.
If you want to learn more about how Cox Automotive is helping the industry find the way forward, visit www.coxautoinc.com. And if you would like to speak to anyone on the Cox Automotive Public Relations team, we’d be happy to hear from you.