For the past few years, November new-automobile income has experienced discouraging numbers, especially because of the lower number of selling days in the month. While many reputable auto brands suffered a decline in volume-based sales, their average annual profit went up higher when adjusted for the daily selling rate. Although, the devastating effects of this year’s pandemic seem to continue; there is a slow yet consistent recovery process happening on the new-automobile industry. COVID-19 has evidently left a mark on the vehicle market and companies like Toyota, Subaru, and Hyundai do not seem very happy about it.
Fortunately, as December arrives, a significant part of this year’s reports come in too; surprisingly and fortunately, they are optimistic. The reports suggest that November’s numbers were not an accurate representation of the year’s sales, they simply showed the obvious and expected consequences of what happens when there are fewer selling days than usual, implying that the annual statement looks much better and way more promising that it did last week. Nevertheless, the final and absolute declaration can only be given once the companies that report quarterly, release their statistics.
While it is true that there was a decline in November deals, automobile manufacturers continued to increase their average in transaction prices for new cars. According to the results shown by an evaluation done by Kelley Blue Book; Fiat, Chrysler, and General Motor vehicles were on the top of the list when it comes to price increases within the industry, 1.3 percent to be exact.
It is no mystery that 2020 has been a tough year for most of the industries, the automobile market is no exception; however, it is going through a recovering process that has been more enthusiastic than it was expected to be. Customers have not forgotten about the importance of buying a vehicle and the guilty pleasure that comes with it, regardless of the economic challenges presented by a sudden global pandemic. As stated above, December brings hope to the global new-vehicle industry, as usual. Since the results demonstrate that November numbers did not meaningfully affect the annual profit, they leave the automobile industry with high expectations for next year and a continuing recovering process.