Auto sales plunge as COVID-19 infects first-quarter reports

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Thread: Auto sales plunge as COVID-19 infects first-quarter reports

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    Auto sales plunge as COVID-19 infects first-quarter reports

    https://www.detroitnews.com/story/bu...ts/5101867002/


    With auto sales infected by the coronavirus in March, Fiat Chrysler Automobiles reported a 10% decline in its first-quarter sales after a healthy January and February.

    Wednesday's quarterly auto sales reports from automakers are the first since the U.S. was hit by the coronavirus crisis which has closed auto plants and showrooms.

    Hyundai and Porsche also saw sales decelerate, with the Korean manufacturer's sales down 43% in March alone.


    For Fiat Chrysler, trucks and minivans were a bright spot. Ram pickup sales rose 7% to 128,805 vehicles while sales of the family-friendly Chrysler Pacifica climbed 5%. Jeep's all-new Gladiator pickup continued to impress with its third consecutive quarter of 15,000-plus sales.

    But the industry is bracing for difficult months ahead. After a record five years of annual sales over 17 million units in the U.S., sales were expected to slow in 2020, according to J.D. Power forecasts, to a still healthy 16.8 million units. Sales at the start of the year were promising even as automakers put more money on the hood to keep customers coming.



    But with automakers poised for the spring selling season in March, COVID-19 has changed the landscape.

    Some 70% of the country's population is operating under state shelter-at-home orders including major markets like California and New York. As of Monday, at least 35 states had issued executive orders limiting non-essential business activity affecting dealerships.

    Including its abysmal March results, Hyundai reported an 11% drop in the first quarter. Porsche first-quarter sales were off by 20.2% from a year ago after a record 2019.



    The Michigan Automobile Dealers Association has advised its members that automotive sales operations remain closed under Gov. Gretchen Whitmer's business guidelines. Even online sales have been suspended until April 14. Only service, parts and body-shop operations are allowed to stay open.

    Elsewhere, dealers are offering no-interest loans and 84-month lease terms in order to try and keep consumer engaged.


    In California, the nation's largest auto market, the California New Car Dealers Association has advised all 1,400 showrooms to comply with Gov. Gavin Newsom's shutdown order. Even home-team Tesla was forced to shut down production and showroom deliveries of its electric cars.

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    Re: Auto sales plunge as COVID-19 infects first-quarter reports

    I imagine next year should have a good rebound as this all blows over and businesses are back on line and consumers are "secure" again in there job situation so it is NOT AS BAD as 2008 when there was NO "light at the end of the tunnel"

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    Re: Auto sales plunge as COVID-19 infects first-quarter reports

    Quote Originally Posted by richmond2000 View Post
    I imagine next year should have a good rebound as this all blows over and businesses are back on line and consumers are "secure" again in there job situation so it is NOT AS BAD as 2008 when there was NO "light at the end of the tunnel"
    Depends how long this goes on. A lot of businesses that were struggling will fail, so for many there won't be any jobs to go back to. JC Penny is probably a gonner, a lot of mom and pop's won't reopen... Which then the multiplier effect kicks in - those people are only going to buy the bare minimum to survive, cars, iPhones, etc. all don't get purchased. I hope the stimulus is enough to keep a lot of these businesses going...

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    Re: Auto sales plunge as COVID-19 infects first-quarter reports

    Looking at the data quarterly, for this quarter does us a real disservice, Jan and February we normal to better than expected, March was almost nothing by the end of the month.

    Appears that the month of April will be like the last couple weeks of March, little-to-nothing.
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    Re: Auto sales plunge as COVID-19 infects first-quarter reports

    Pretty much everything is down. Considering the strike and virus, the fullsize trucks kicked ass. Wow!

    Last edited by BahamaTodd; 04-01-2020 at 11:06 AM.

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    Re: Auto sales plunge as COVID-19 infects first-quarter reports

    All things considered Chevy & GMC #'s are surprisingly solid. Trucks did well.
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    Re: Auto sales plunge as COVID-19 infects first-quarter reports

    Quote Originally Posted by tripowergto Jan2003 View Post
    All things considered Chevy & GMC #'s are surprisingly solid. Trucks did well.
    Camaro barely sells 7k for the quarter, while Challenger sells 12k plus. Ugly and depressing.

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    Re: Auto sales plunge as COVID-19 infects first-quarter reports

    Backward looking numbers are worthless today folks!
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    Re: Auto sales plunge as COVID-19 infects first-quarter reports

    Quote Originally Posted by bongos2u View Post
    Camaro barely sells 7k for the quarter, while Challenger sells 12k plus. Ugly and depressing.
    Yet Camaro is still GM's 3rd best selling car behind Malibu and Spark. It often outsells the Spark.
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    Re: Auto sales plunge as COVID-19 infects first-quarter reports

    Quote Originally Posted by Ed753 View Post
    Backward looking numbers are worthless today folks!
    It's only getting worse.

    My wife's party company has gone to zero with no ETA of a return. Our spending is essentials only now. We are not alone.

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    Re: Auto sales plunge as COVID-19 infects first-quarter reports

    Quote Originally Posted by Ed753 View Post
    Backward looking numbers are worthless today folks!
    No doubt. Next two quarters are going to be ugly. There is going to be a lot of pent up demand in all sectors once we get on the back side of this.
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    Re: Auto sales plunge as COVID-19 infects first-quarter reports

    Quote Originally Posted by CJH View Post
    No doubt. Next two quarters are going to be ugly. There is going to be a lot of pent up demand in all sectors once we get on the back side of this.
    Without Product, because the Plants are shuttered. "Indefinitely"

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    Re: Auto sales plunge as COVID-19 infects first-quarter reports

    Quote Originally Posted by CJH View Post
    No doubt. Next two quarters are going to be ugly. There is going to be a lot of pent up demand in all sectors once we get on the back side of this.
    How many people buy a car without a job?

    If anyone thinks this is going to come-back like a light-switch, they are crazy................

    At best it will be a slow crawl back, I'd be happy (and surprised) if U-3 is under 12%.

    Unemployment number is projected to be 7-9 million tomorrow, don't believe what gets reported, they can't process/record the claims fast enough.


    Quote Originally Posted by InCogKneeToe View Post
    Without Product, because the Plants are shuttered. "Indefinitely"
    Without product being made, nobody is working, nobody working means no money, no money mean no buy new car..................
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    Re: Auto sales plunge as COVID-19 infects first-quarter reports

    Quote Originally Posted by Ed753 View Post
    How many people buy a car without a job?

    If anyone thinks this is going to come-back like a light-switch, they are crazy................

    At best it will be a slow crawl back, I'd be happy (and surprised) if U-3 is under 12%.

    Unemployment number is projected to be 7-9 million tomorrow, don't believe what gets reported, they can't process/record the claims fast enough.




    Without product being made, nobody is working, nobody working means no money, no money mean no buy new car..................
    Agreed. Add to that the dire predictions from the CDC about the possible death rate here in the US, I think there is going to be a rough road for some time if things pan out the way they think it is.

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