While new auto sales have fallen in the U.S. do to stay-at-home orders, the drop in sales has not been as severe as first forecast.
J.D. Power’s weekly COVID-19 Auto Industry Impact Report that closely tracks how the pandemic is impacting the U.S. auto industry finds in it latest report that auto sales in the first 12 days of April were down 55 per cent, suggesting that sales for the month might not be as bad as was first predicted.
Sales were first predicted to decline up to 80 per cent for the month as compared to pre-pandemic numbers.
“This reflects the demand is showing some resilience,” said Thomas King, president, data and analytics division, chief product officer with J.D. Power.
A closer look at the data showed that while sales declines were severe, the majority of the markets in the U.S. were doing better than expected, even with stay-at-home orders. Nearly all the markets were showing growth as dealerships were adapting to these new market conditions, and partially helped by new long-term financing terms.
The full report can be found here.