With US auto sales forecast to decline as a result of the
nationwide shutdown due to the coronavirus disease 2019 (COVID-19)
outbreak, the automotive industry is set to be substantially
impacted on levels unseen since the 2008 recession. Nationwide
retail closures have already led to an unprecedented drop in sales
volume while future production has come to a near standstill. In
addition, unemployment claims have reached record highs, crippling
consumer confidence and further limiting forecasts for a quick
recovery.
With the chance of another economic recession rapidly growing,
it is important to investigate the past to help understand what is
in store for the future. For this, monitoring the events
surrounding the 2008 recession could provide the closest example of
how this upcoming downturn may play out. By identifying the length
and essential factors of the recovery, we can better determine what
awaits the automotive industry and why this recovery could face
more challenges than in 2008.
This whitepaper looks back on registration and loyalty trends
following the 2008 recession to prepare for a post-COVID-19
reality.
