How trends are changing in the automotive industry

 

The world is in a big change now. The coronavirus has very likely impacted you in some way. If not financially, then surely emotionally. There is no way to live without being exposed to what is happening and of course all the potential future scenarios.

The economy has already taken a hit, including the auto industry, from Europe to North America. Many automakers have already halted their production or are in the process of doing it. Stocks for all automakers are down and the difficult situation could last for a while. 

Major auto shows globally have been cancelled, with the latest news related to the North American International Auto Show in Detroit,  which was scheduled for June, has been canceled as the COVID-19 pandemic continues to spread and the city prepares to repurpose the venue into a temporary field hospital.

Surely the production and customer interest in new and used cars has changed.

At the moment there is no shortage of new vehicles from domestic and foreign automakers. This could change at the end of the year, depending a lot on how fast people get back into the buying mode. Clearly people have a lot more to worry about, than what new car to buy.

There are also big changes for the used car market. People who need a new car are likely to look at a used car as not to take on high repayments and big financial burdens. Also with people using less public transportation, the need for a personal vehicle has the potential to grow.

Dealerships are already limiting physical interactions and many customers can have a very detailed overview of the vehicles in stock online. Some dealers even offer a service that will bring the car to you.

The process clearly is now even more focused on the digital. From the whole buying process, including financing to cheap car insurance deals.

Take your time and do the research. Consider your options well so you are set with a good vehicle for the years to come.


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