The auto sales industry is not new to disruptions and rapid shifts. The past five years alone saw major economic fluctuations, the birth of ride share apps, and the growth of online automotive sales. Still, the dealership model remained strong.
Then the COVID-19 pandemic hit. Overnight, traffic dropped over 70% in major cities and worldwide manufacturing ground to a halt.
In Part 1 of this blog series, we spoke about the used vehicle market and the evolution of Carvana in the overall market. In this series, we'll share an inside look at the used vehicle sales data from big states with a heavy Carvana presence and how the dealerships within those states are stacking up.
In the face of 2020’s unrivaled challenges, the auto industry stood firm. To determine the industry’s performance despite all odds, the Cross-Sell team ran an analysis on 2020’s full year of used vehicle sales data. We combed the state sales data to isolate the pandemic’s top-performing used car sellers, segments, makes, and models. Here’s what we discovered.
Despite the unprecedented challenges presented throughout 2020, the auto industry rose to the occasion. Our team at Cross-Sell ran an analysis of our database to isolate the pandemic’s top-performing New Sellers, Segments, and Vehicles to close out 2020. Here’s what we discovered.
As with many industries across the United States, the automotive industry has been rocked by COVID. We’re still adapting to all of the changes, but we learn more with each day.
It’s been a wild ride for the automotive industry with the pandemic shutting down dealerships and causing people to stay home and social distance. Due to this, vehicle sales were projected to take a big hit; however, recent data has shown that consumers continued buying cars and kept car dealerships alive. Putting these last few months in the rear-view, let’s take a look at how our industry performed for the first half of 2020.
The recent pandemic has rocked the auto industry, causing vehicle sales to rapidly fall and change the way people shop for cars – focusing on the full online experience. This is where Carvana has a huge advantage. Along with announcing the opening of 100 additional locations across the country, Carvana had a strong advantage during the coronavirus era with already established online purchasing and vehicle delivery processes. We’ll take a look at one major market, Houston, and the impact Carvana has had on that area – both now and before the pandemic arrived.
Automotive stakeholders are curious how U.S. auto sales will fare through the coronavirus pandemic. At Cross-Sell, we took a look at unique markets where the most cases of COVID-19 were reported to see what impact it had on new and used sales.
Fad or not, Carvana has made a major impact in the automotive industry, committing market share robbery from the multitude of used car retailers nationwide.