Election,  COVID Concern Dealers

By Staff Writer October 27, 2020 408

Among U.S. automobile dealers, 43 percent believe COVID-19 and the upcoming election are both equally concerning, according to a study released by the Cox Automotive Research & Market Intelligence team.

Pandemic concern peaked in the second quarter and has been moving steadily downward since summer. Still, with 61 percent of consumers extremely or very concerned about COVID-19, the pandemic and resulting economic struggles continue to weigh heavily on the vehicle market. The most recent data from Cox Automotive indicates the percent of consumers in market for a new vehicle, at 14 percent, has dropped to the lowest level in 2020.  

Digital Retailing provides a rare win-win for consumers and dealers.
Digital Retailing provides a rare win-win for consumers and dealers.

COVID-19: Tracking U.S. Consumer and Automotive Dealer Sentiment is ongoing research from Cox Automotive designed to shed light on consumer and automobile dealer attitudes and behaviors during the pandemic. The research began in late March and has been updated regularly through mid-October.

Concern over the pandemic peaked in April, with 71 percent of consumers extremely/very concerned. After dropping through the summer, consumer concern now stands at a still-high 61 percent. Among auto dealers, 43 percent believe COVID-19 and the upcoming election are both equally concerning. The prospect of another year like 2020 has consumers concerned for their financial stability, with 1 in 5 depleting their savings in 2021 should the pandemic continue.

Rate this item
(1 Vote)
Last modified on Monday, 02 November 2020 17:07