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Tuesday, 17 March 2020 14:49

Market Tsunami Sweeps Over Collision Industry

Written by Autobody News Staff

Index

The last month’s all-but-unprecedented plunge in market confidence has prompted the Federal administration to request $850B in support for the economy including $50B for the airline industry and $250B for small business loans. The macro impact to the economy of all the closures is being played out in business pressure on companies large and small. 

As of March 17, the virus has infected more than 5,145 and  killed at least 91 Americans, according to data compiled by Johns Hopkins University. Globally, the virus has infected more than 189,386 people and killed at least 7,504. Given the slow ramp up of testing in the U.S. the numbers are likely far higher domestically.

 
It’s likely that any public event involving more than 50 people scheduled for this spring is canceled or postponed. The Centers for Disease Control and Prevention is now urging a nationwide halt to gatherings of more than 10 people for the next eight weeks, until approximately the beginning of May, citing the risk of the coronavirus.
 
Stores and other suppliers are also closing at an unprecedented rate as employees are asked to stay home. 
 
In the past few weeks, iconic events including the Masters golf tournament and the Boston Marathon have been canceled in addition to multiple sports leagues, notably the NHL, NFL and NBA at home and internationally. Major League Baseball has pushed back opening day until mid-May at the earliest. And with heavily populated states like CA, NY and NJ closing or curtailing patronage of bars, restaurants in at least 11 states are stopping group dining, it’s no surprise that almost all collision industry events have been postponed or modified because of the COVID-19 coronavirus.

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