CBT News, Nov. 17, 2020 – There have been many ups and downs throughout 2020 for the automotive industry. Dealers are coming off an incredible Q3, but will it carry over through Q4 and into the new year? Cox Automotive Chief Economist Jonathan Smoke joined CBT News, to discuss the latest trends for retailers and what can be expected in the days ahead.
After losing a little momentum in the month of October, the fourth quarter is not shaping up to be as strong as the third-quarter. Due to the rising COVID-19 cases and a gentle decline of consumer sentiment, the end of the year is set to be a bit slower. However, it won’t be dramatic enough to affect the outstanding year automotive retail has had in 2020 despite all of the obstacles.
In this segment, Smoke and anchor Jim Fitzpatrick tackle the following:
- Predictions from industry analysts that U.S. retailers could have a robust spring selling season
- Whether it is a seller’s or buyer’s market
- Unexpected findings from sales data trends
- What the recovery will look like post-COVID-19
- When Smoke thinks inventory levels will return to pre-COVID-19 levels
- Concerns as we settle into the last quarter of the year