Thank you for joining us on CBT News. We hope you’ve had a wonderful time with friends and family during this holiday season.
It’s hard to believe, but we’ve finally arrived on the last day of this unforgettable year. This time a year ago, very few of us could have predicted what was in store for 2020.
Dealers began the year at the 2020 NADA Show in Las Vegas, with many industry leaders looking forward to a great year for the automotive industry. However, things quickly took a turn as a virus that had been spreading throughout the world finally reached the U.S.
The COVID-19 pandemic brought everything to a screeching halt, as everyone grew nervous about how the virus could impact our families and loved ones. As a safety precaution, many dealers closed their doors to the public, opening new opportunities in digital retailing.
As dealers began to take on the impact of COVID-19, they were soon met with a new challenge, identifying and eliminating racism. After the murder of George Floyd on May 25, the nation was awakened to the fight against social injustice.
Dealerships across the U.S. had to look inwardly to identify any biases or prejudice tendencies that were plaguing their business. Groups like NAMAD advocated on behalf of the underrepresented black and minority dealers alongside CBT News by helping them make their voices heard in a predominantly white industry.
Though the first few months challenged the industry in many ways, dealers were able to pull off an incredible rally. Across the country, dealers were able to break several long-standing sales records, selling more cars than anyone could have predicted. Auto retail was heavily aided by the PPP loan and an influx of new car shoppers. They also had to contend with a fiery Presidential election where President-Elect Joe Biden was declared the winner and will take office on January 20, 2021.
Dealers began to sell so many new cars that lots became scarce with inventory due to shutdowns at the manufacturing plants. This didn’t slow down automotive consumers though, as the used-car market became a strong asset for dealers to carry on their momentum into Q3. Now as inventories are starting to stabilize, we at CBT News are hopeful for a bright and better 2021.
CBT News has been alongside you every step of the way, and we are excited to take on whatever challenges face the industry in 2021. As we prepare for a new and exciting year, let’s take a look back at some of the most memorable moments from 2020.
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