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Post Time- 11:36 AM Post By -

Post-Coronavirus Automotive Industry

Are you wondering how the automotive industry will look once we get through the pandemic? Well, for starters, new car registrations have fallen by more than 75%, according to USA Today. That trend has held up globally as fewer people head to dealerships. Some of that is due to dealerships being forced to close, while another big factor is that people are saving money due to the uncertainty of when this pandemic will be over.

The automotive industry is taking a large hit and will have to make changes in the years to come to build consumer confidence. But what will those changes look like? No one knows for sure, but experts have come up with some scenarios that may be the way the industry is headed.

  • A Push for Automation in the Taxi Space: Before the pandemic, Uber and Lyft were picking up record numbers of passengers. Some people in large cities were even ditching their vehicles altogether in favor of having ride-hailing operators drive them around. This trend may change after the pandemic because of the skepticism of riding in strangers’ vehicles. Uber and Lyft may start making more investments in autonomous driving.
  • Aggressive Financing Offers for Qualified Customers: The pandemic is going to make abundantly clear who the absolute most creditworthy individuals are. If you manage to pay your bills during this time, lenders are going to be certain that you will pay under just about any circumstances. The automotive industry expects that heightened trust to translate into more aggressive financing offers.
  • Contactless Car Buying Will Flourish: Dealerships such as Carvana have carved out a niche for themselves as a contactless car buying experience. You pick the vehicle online, head over to one of its car vending machines, and your vehicle is transferred into your possession. The dealership can even deliver your vehicle to your house.

As we assess the future of automotive industry theories, we cannot help but think that things like political divisiveness, attention to cleanliness, data-sharing and more will dip into other business niches. Bottom line, expect a lot of change, even if a vaccine is found for this virus. People will be slow to trust again, and that could mean a more socially distant and health-conscious future for years to come.

About Shepards Automotive Center

David L. Shepard, Inc. was founded in 1978 by its namesake, David L. Shepard. Our commitment to providing exceptional automotive and marine repair service allowed us to grow immensely throughout the first decade. Shepards Automotive Center’s expanding, loyal customer base proved to be too much for our downtown waterfront space. We look forward to providing you with outstanding automotive and marine repair services.

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