Consumers snapped up new autos at pre-pandemic rates in the first quarter of 2021 by more than 8%.
The gain was powered by higher demand in anticipation of a return to offices and everyday travel as vaccination rates exceeded one-quarter of the population. Also, fear of lower supplies of cars because of chip shortages has left consumers scrambling for any car that they can get, which means accepting less-than-optimal colors, features and even swapping to a different model entirely if needed.
The projected sales acceleration is part of a trend that began soon after factories reopened last summer and has persisted in the months since then. This year’s gains come from retail buyers, whose purchases soared 20% compared with a year ago — a period that largely predated the onset of shelter-in-place orders. Retail deliveries are forecast to have reached 3.16 million vehicles in the quarter, the second-highest total ever.
We made it! Have a safe and happy New Year.
From all of us at BEBdata, we wish you and yours a very safe and happy Christmas Holiday.
As always, thank you for your business and partnership.
The Passenger Car Market will reach 1598.21 billion USD by 2025. A Passenger car can be defined as a car designed for carrying only a few people. Passenger vehicles are the most common mode of transport and the number is increasing in developed as well as developing countries.
92% of people buying cars today already research online. This year we saw a complete online car buying journey emerge including purchase and delivery. People want online car buying.
Prior to the pandemic, only a few dealerships had online capabilities to execute a full online experience. While the purchase journey itself was happening online, the purchase remained offline. Since COVID-19, at-home test drives and vehicle delivery were tied as the number 1 alternative to visiting a car dealership for shoppers.
At a time when social restrictions related to the pandemic are impacting consumer behavior, developing strategies for how to meet consumer demand for online buying and at-home delivery can make a large impact: 18% of auto shoppers would buy a vehicle sooner if they could purchase the vehicle they wanted without going to a dealership.
The chart above shows Chapter 13 filings for years ending March 31, 2017 – 2020.
Wishing you a safe and happy Thanksgiving holiday.
The above chart show total bankruptcy filing by Chapter 7 for years ending March 31st.
From all of us at BEBdata, Thank You to all Veterans. We appreciate your service.
Around 530,000 bankruptcy cases are filed every year due to inability to pay medical expenses.
54% of Americans with medical debt, have no other debt.