April 7, 2020
The recent COVID-19 coronavirus is destroying the economy of America on an epic scale and one industry that is getting hit extremely hard is the automotive industry. 2019, was the fourth consecutive year that auto sales managed to top 17 million units (17.1 million in 2019, according to Automotive News), which was about 200,000 shy of 2018’s sales numbers.
At the start of 2020 auto sales were cruising along at a good pace for January and February and then March hit like a fire storm with the COVID-19 virus. Sales came almost to a screeching halt as dealerships were closed or only able to do online sales or by appointment only in most States. Over the past couple weeks over 10 million people have gone on unemployment or after losing a job in numerous sectors, including the automotive industry.
According to the CNET Road Show website nearly every manufacturer experienced a decline in the first quarter of 2020. Sales are expected to drop by 2.4 million to 14.5 million sales for 2020 and it could be less depending on how long the corona virus continues to impact retail sales. Here is a list of manufacturers and their decline in sales for the first quarter of 2020 that you can find in more detail at the link above.
ACURA – sales decline of 22%
AUDI – sales decline of 14%
ALFA ROMEO – sales decline of 14%
BMW – sales dropped 15%
CHRYSLER – sales dipped 5%
DODGE – sales down 20%
FIAT – sales dropped 49%
FORD – sales decline of 13%
GM – sales decline of 7%
HYUNDIA – sales decline of 11%
HONDA – sales decline of 19%
INFINITI – sales decline of 25%
KIA – sales increase of 1%
LINCOLN – sales increase of 2.3%
LEXUS – sales drop of 16%
MAZDA – sales decrease for March of 42%
MINI – sales decline of 35%
MITSUBISHI – sales decline for March of 52%
NISSAN – sales decline of 30%
PORSCHE – sales dropped by 20%
SUBARU – sales decreased by 17%
TOYOTA – sales declined by 8%
VOLKSWAGEN – sales dropped by 13%
VOLVO – sales declined by 12%
This is a not great news for the new car industry, but people will still be purchasing between 12.5 million to 14.5 million new vehicles in 2020, adding to the already 279 million vehicles here in the United States. People will still be purchasing new and used vehicles in 2020 and dealerships will be coming back and looking for a place to advertise and market their vehicle inventory. GM is currently offering up to 84 months on purchases of new vehicles with 0% financing and there are many other incentives right now for new vehicle purchases from a variety of manufacturers according to the JD Power’s website.
Millions of people will be wanting a way to earn additional income after a job loss or they may want to sell a vehicle and reduce their monthly payments to take advantage of the new incentives. Many people might want a way to just be able to earn some extra money to make their car payments or pay some of their bills. It’s actually a fantastic time to join TopCarBid as a Member or a Member Affiliate for as little as $99 a year and get paid as an Affiliate to share this website with other people or dealerships.
If you want to join, just click here and you can get started by going to the main website and selecting the Membership section at the top and then the Affiliate Area to get started. Watch the presentation at the following link that is featured on Youtube for more information on how TopCarBid can work for you.