The arrival of the COVID-19 pandemic made significant changes to daily life through forced business closures, stay at home orders, and heightened fear of contraction. The convergence of these changes left many businesses forced shut and others with an altered business model and a dwindling demand for products and services. Many would-be consumers decided to stay at home rather than venture into stores and other businesses for non-essential needs. Although Georgia was one of the first states to implement reopening procedures the return to business, as usual, is still gradually unfolding. This has led to challenging conditions for many Atlanta businesses including independent auto dealerships. According to the Cox Automotive 2020 Q2 Dealer Sentiment Index, 76% of independent dealers identified the business impact from COVID-19 as the top factor holding businesses back. In addition, 54% of dealers identified staying in business as their top priority. These findings highlight just how deep the COVID-19 pandemic has impacted industry companies. To help clients, prospects, and others, Wilson Lewis has provided a summary of key survey findings below.
About the Survey
Survey responses were collected via a recurring quarterly online survey of both franchise and independent auto dealers. The survey results are based on total responses of 1,140 dealerships comprising of 610 franchise and 530 independent auto dealers across the U.S. The survey was conducted between April 28, 2020, to May 10, 2020.
Key Findings
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As the recovery process continues the market should increase and impact many of the metrics outlined above. However, it is imperative to take proactive planning steps around cash flow and business credit to put the business in the best possible position for recovery now. If you have questions about the findings or need assistance with cash flow planning, Wilson Lewis can help. For additional information call us at 770-476-1004 or click here to contact us. We look forward to speaking with you soon.
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