The COVID-19 pandemic continues to wreak havoc on the economy on both a global and local scale, but there is reason to be optimistic. Although unemployment rates are approaching levels not seen since the Great Depression, consumer confidence is leveling out and a majority of the unemployed expect to only temporarily be out of work.
Meanwhile, the automotive aftermarket has been insulated from the worst effects of the economic downturn after the Department of Homeland Security identified automotive repair and maintenance facilities (and supporting supply chains) as essential critical infrastructure during the pandemic—a decision that allowed many aftermarket businesses to remain open despite social distancing initiatives and state government orders.
THE SHOP created the Key Performance Indicators Report to provide shop owners with valuable economic and industry data in an accessible, time-saving manner. Click on any of the links below to access that data in this month’s report that will, with any luck, help you navigate this time of uncertainty.
Gradual economic reopening has helped to level out consumer confidence after several months of freefall.
While the outlook for OEMs looks grim, the aftermarket is expected to emerge from the pandemic faster than most industries.
April was a disastrous month for car sales, but the industry is starting to rebound as dealership operation limitations are eased across the country.
A roundup of recent manufacturer safety recalls.
Unemployment reached a record high in April, but a majority of those unemployed expect to be only temporarily out of work.
Economic activity in the manufacturing sector contracted at a rate not seen since April 2009.
The COVID-19 pandemic and associated social distancing measures have led to a collapse in consumer spending.
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