The April SAAR represents a drop of 47.6% compared to April 2019. Yet many industry watchers believe auto sales have bottomed out and are showing signs of recovery.
“It’s times like these that remind us what really matters most: our families at home, the people we see every day at work, our neighbors and our communities–the people who rely on us year after year to be there for them.”
As the first quarter of 2020 has come to a close, the National Automobile Dealers Association (NADA) issued an analysis of U.S. auto sales and the economy, including the initial impact of the COVID-19 pandemic on both.
Even as they are operating in a challenging environment where customers and employees are staying home and the rules of operation change every day, auto dealers across the country are pitching in and doing their best to help their communities weather the pandemic.
The SAAR of 11.4 million for March 2020 represents a decline of 34.1% compared to March 2019 and is the lowest monthly SAAR since April 2010.
The CARES Act provides $2 trillion of stimulus to individuals, businesses, and hospitals and other impacted industries in response to the economic distress caused by the pandemic.
Initial claims for unemployment benefits rose 3.00 million to a seasonally adjusted 3.28 million in the week ending March 21, eclipsing the previous record of 695,000 set in 1982, the Labor Department said.
As Congress is poised to pass a historic $2 trillion stimulus package to address the impact of the escalating COVID-19 health crisis, America’s auto dealerships continue to work through the challenges of operating during the coronavirus pandemic.
Dealer Groups, ATD, Alliance for Automotive Innovation Urge Trump to Clarify Auto, Truck Sales as Essential
The ability to provide replacement cars and trucks in response to any number of scenarios will be vital to ensuring that those in need of reliable personal transportation continue to have access to it, the groups said, stressing that franchised car and truck dealers recognize the need to conduct even limited sales and leasing activities in manner that protects the general public, our customers and our employees.
Alliance for Automotive Innovation, NADA and MEMA Call on White House and Congress to Pass Economic Stimulus Package to Address COVID-19 Impact
The Alliance, NADA and MEMA have asked Congressional leaders and the White House to enact policies that provide immediate economic relief broadly, as well as to the auto industry, and that help all businesses work through the challenges arising from the coronavirus pandemic.