Major automakers reported a more than 30% drop in US sales in the second quarter, the biggest plunge in sales since the Great Recession and the auto bankruptcies of 2009.
Several of the top automakers reported quarterly sales Wednesday, and the weeks of pandemic-forced dealership closures hit them hard.Sales were also hurt by record job losses limiting spending money, as well as mass work-from-home policies that temporarily put commutes on hold. Further, the closing of auto plants for much of the quarter limited the supply of new vehicles at the dealerships that were open, with popular vehicle models particularly hard to find.
Despite the signs of improvement later in the quarter, it's unlikely there will be a rapid increase in sales throughout the summer, said Jonathan Smoke, chief economist for Cox Automotive. Cox is forecasting a 35% drop in total US sales for the second quarter once all the automakers report and the data are in.
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