Automotive loyalty in the wake of the COVID-19 recession
With US auto sales forecast to decline as a result of the nationwide shutdown due to the coronavirus disease 2019 (COVID-19) outbreak, the automotive industry is set to be substantially impacted on levels unseen since the 2008 recession. Nationwide retail closures have already led to an unprecedented drop in sales volume while future production has come to a near standstill. In addition, unemployment claims have reached record highs, crippling consumer confidence and further limiting forecasts for a quick recovery.
With the chance of another economic recession rapidly growing, it is important to investigate the past to help understand what is in store for the future. For this, monitoring the events surrounding the 2008 recession could provide the closest example of how this upcoming downturn may play out. By identifying the length and essential factors of the recovery, we can better determine what awaits the automotive industry and why this recovery could face more challenges than in 2008.
This whitepaper looks back on registration and loyalty trends following the 2008 recession to prepare for a post-COVID-19 reality.
- Average age of US light trucks and cars approaches 12 years
- Fuel for Thought: The COVID Recovery
- Global Auto Demand Tracker - new sales/registration numbers for June 2020
- Automotive Rapid Response Report | 8 July 2020
- Automotive COVID-19 Recovery Series
- Automotive Rapid Response Report - 17 June 2020
- COVID-19's real possible effects on the Auto and Mobility Industry
- With 50% of countries reporting, month of May numbers indicate a solid rebound for global auto demand
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