The global automotive industry was already facing a prolonged slowdown before the pandemic: fewer vehicles sold across major global markets (90 million units in 2019, versus a record 95 million in 2017) during an era of ride-sharing emergence and sales saturation in wealthy markets has industry leaders eyeing direct to consumer automotive.
During the current crisis, however, the auto-selling game has been completely disrupted.
Besides its effect on sales and the selling process, the pandemic has shifted consumer behaviors and attitudes as social distancing and safety concerns persist. Younger generations, which had moved towards ride-sharing in recent years, now say they’re ready to buy a car, perhaps to gain health-related peace of mind – reversing decades-long trends around car ownership. In fact, 45% of people under 35 are considering buying a car in 2020.