Every industry has been impacted by actions taken to control the spread of COVID-19, including the automotive industry.AutoSalvageTechnology
Growing unemployment, coupled with a pivot to remote working, has changed consumer priorities and curtailed car-buying habits.
The decline in miles traveled has also resulted in less wear and tear on vehicles, thereby reducing the replacement rate.
Additionally, like many other manufacturers, some automakers temporarily closed or repurposed plants to produce ventilators and personal protective equipment.
They also closed dealer showrooms to protect employees and the public. Amidst the COVID-19 response, these and other changes in market dynamics are giving rise to new emerging total loss trends.