Car sales have slowed globally. Bakersfield is now different from the rest. With money being tight, consumers are opting to save rather than spend.
These actions have hit the economy pretty hard. Since the start of the stay-at-home procedures, shops have been closed and work has been limited. In California alone the states unemployment now supersedes the employed.
Car Sales Offer 0% APR
Auto sellers have had to resort to offering extremely low incentives just go get people in the door. For many, all but the best employees have been let go. This is to save what is left for companies across the country.
Offering low rates such as 0% APR and now down payment, as well as no payments for extended periods of time have helped sell cars, but the low cost comes at the price of the seller.
They have also gone so far as transporting the car free of charge. As many have opted out of walk-ins, many have gone to online buying. This has helped promote car buying during this time of crisis.
For others, this has only gone to hurt their business. As many decide to stay away from social interactions, many are left shopping from home as well as holding off on any large scale spending. As rent hasn’t changed, many are focusing their efforts on just keeping a roof over their heads.
Businesses have seen a drastic shortfall for the month of April. The typical auto seller has seen approximately 40-60% decrease in auto sales and they continue to fall. This is but a only one way that COVID-19 has put a halt on all operations.
It might take a while for this industry to bounce back, but it will in time. For now, many are left riding out the storm.