Cautious optimism is the sentiment many dealers are feeling as the auto retail industry settles into Q3. After strong showings for sales, considering the challenges, in May and June, some experts say that the boom from pent up demand will slowly fade. Others, however, are predicting an aggressive recovery through the end of the year due to an increase in digital retailing efforts and consumer fears around public transportation.
On today’s show, we’re pleased to welcome back Charlie Chesbrough, Senior Economist and Senior Director of Industry Insights at Cox Automotive. In this segment, Charlie breaks down the economic forecast and impact into the third quarter for retail automotive, consumer sentiment and buying behaviors, and the current view of new and used retail sales and price market.
For more great insights from Charlie Chesbrough, be sure to watch our entire interview above.
Middle and Upper-Class Car Buyers Spending Actively
The second-quarter car sales reports tell a story that few care to recall. The pandemic response sent more than 45 million Americans into the unemployment line so they could pay their bills. But during this crisis, the wealthy in the United States have continued to thrive and spend their money as usual. Read More
The Current State of Online Sales: Is This Process Here to Stay?
COVID-19 has caused many auto dealers to embrace a variety of new processes. From picking up cars for servicing to limiting the number of staff in showrooms, dealers have had to switch gears in how they serve customers. Additionally, auto dealerships were forced to close the showroom to comply with social distancing requirements in many states. Read More
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