car

It’s a question we’ve been asking. With high unemployment rates and exponentially higher repayment issues, banks are still giving out auto loans.

It is somewhat old news now that plant shutdowns and virus spikes all over the world have caused production to plummet. Like many things, the effects of shutdowns that began in Q1 have leaked into Q3, continuing to cause issues. Production halts that happened months ago are still being felt by dealers who haven’t had a whole lot of new inventory come onto their lots.

When shopping for vehicles, or anything really, consumers have already been doing most of their “shopping” and research online. This has been happening for years, so the birth of Carvana, Vroom and business like them are no surprise. But the traditional dealer can and should be competing with these online retailers. Online selling is the natural progression of car sales in the 21^st century.

The Coronavirus has traveled long and far to make it to the U.S. and wreak havoc on many things. Aside from the abrupt increase in hospital stays and unfortunate deaths, this virus also has obviously affected the economy and the automotive industry.

The problems started in China where many manufacturing plants have been shut down since early this year with no production in motion. The risks were too high to have sick workers come in, masked or not, so things came to a fast halt.

For decades, the car buying process has been fairly consistent. Ultimately, customers have to make the trip to the dealership to look at the inventory, get actual pricing, and talk numbers with a salesperson. Then they have to sit down to sign a mound of paperwork. The process can take several hours or last as long as days or weeks depending on the circumstances.

Electric vehicles are making their way into our everyday lives, and you can find more of them zipping around on the highway than ever before. There’s definitely a lot to consider as we find ourselves in this sandwich between gas and electric technology.

Telematics have evolved since the very first automotive GPS system was introduced in 1990, and we’ve come a long way from basic OnStar. Theories of humans being tracked and recorded is becoming less sci-fi and more the norm. Many vehicles now come with built-in GPS, vehicle positioning assistance and more. Some automakers are now giving the option to control your vehicle from your phone. Yes, there’s an app for that.

After years of articles claiming that millennials weren’t interested in vehicle ownership, it turns out the press had it all wrong. No surprise. Ridesharing may have changed how people commute, but it looks like most people across all demographics prefer vehicle ownership.

There are some new trends in the auto industry that may shape the future of the industry. These potential inclinations could change how cars are made, sold and used over the next 5 to 10 years.

Vehicle Sharing