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Tuesday, 07 July 2020 21:52

4.8M Americans Back to Work in June---What It Means for Dealers

Written by Jason Unrau, CBT Automotive Network

Index

The economic recovery from COVID-19 will be tempered by flare-ups and hotspots it appears. Sudden joblessness has impacted millions of Americans who may have defaulted on loans or uncharacteristically missed payments on credit. This will certainly drive demand for special financing as lenders view car loans as higher risk.

 

Strengthen your dealership’s partnership with special financing lenders to ensure your customers have access to borrow the money needed for their car purchase. If you don’t already have it in place, establish financing options for service work also to help alleviate cashflow issues for your customers who need critical maintenance and repairs completed.

 

The job report for June is positive. Barring a serious resurgence in the nation, it appears we can expect future months to trend the same as America goes back to work. Ensure your dealership is prepared to handle the financial implications tied to COVID unemployment.

 

We thank CBT Automotive Network for reprint permission. 


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