Cox Automotive has recently released its Q2 2020 Cox Automotive Dealer Sentiment Index report, which reflects a considerable drop in every category and an all-time low score of the overall current market index of 20.
While some dealers believe that the current market is strong, the index reading of 20 echoes the sentiment of most dealers who feel that today's market is weak.
The 2020 second quarter CADSI data was gathered through online surveys from April 28 to May 10, a period when the retail automotive business was significantly affected by the COVID-19 pandemic. This was based on the results from 1,140 dealer respondents, comprising of 610 franchised and 530 independents, countrywide.
“The COVID-19 pandemic dramatically impacted the auto market and dealers starting in March, so it is no surprise to see views of sales, profits, and sentiment significantly down in the second quarter survey,” said Cox Automotive Chief Economist Jonathan Smoke. “However, what stands out to me is the optimism of franchises about the next 90 days. The majority of franchised dealers are optimistic about the rest of the spring and summer despite the weak economy, weak current sales, and declining inventory.”
Full details of the report can be downloaded from this link.
Alerts Sign-up