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.
- Fuel for Thought: Incorporating Consumer Expectations in the post-COVID-19 Retail Experience
- Low APR Incentives Effectively Offset COVID’s Impact
- New vehicle registrations show record share levels for SUVs
- Brexit to put UK OEMs at risk of failing local content rates?
- Automotive COVID-19 Recovery Series: Supplier Strategy Reset
- Fuel for Thought – The Evolving Global EV Landscape
- Does the acquisition of Arm give NVIDIA the keys to autonomous driving?
- Understanding the 2020 Vehicle Buyer Journey
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