U.S. Auto Sales Showing Promising Signs
J.D. Power is now reporting that U.S. auto sales are beginning to recover from the coronavirus lockdown, and parts of the auto industry have already started to head into pre-virus levels of sales.
Here are some highlights of the Reuters news wire:
- J.D. Power analyst Tyson Jominy said: “For the week ending April 19, retail sales were down 48% from the pre-virus forecast, an improvement of 3 percentage points from the week ending April 12.”Dealers sold approximately 300,000 new vehicles from April 1-19, 2020.
- J.D. Power expects the used car market to begin recovering next.
- During March, sales in some areas with high infection rates, such as New York, declined by as much as 80%, the firm’s data showed.
- Sales in May would be critical for the auto industry, with several states relaxing stay-at-home restrictions and pent-up consumer demand flooding into vehicle sales.
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