U.S. Car Sales Tank in Second Quarter Becoming the Worst Quarter Since Great Recession
Major automakers are reporting their biggest drop in sales since the 2009 recession with a more than 30% plunge in sales during the second quarter. This is a result of car companies being forced to close dealerships for weeks because of COVID-19. Sales were also hurt by record job losses and limited money spending. Car rental companies have also brought more competition for dealerships. Rental companies are selling some vehicles because of the travel slow-down. Some Credit Analysis say it could take several years for the auto industry to recapture its pre-pandemic sales numbers.