The world is facing a global pandemic that has taken a toll on our health. There’s no doubt that COVID-19 has changed our lives for the time being. Since its origin in Wuhan city of China in December last year, the disease has managed to spread drastically all over the world.
Every country on the globe has now been affected by this pandemic. It has become more than essential to take control of things and fight this issue together. A majority of the countries are following lockdown and social distancing to tame down the spread of this disease.
How Is The Automotive Industry Coping With The Loss?
Everyone has faced their own share of losses that they are facing due to Coronavirus. When it comes to the automobile industry, that loss is mutual. They are among those massively affected sectors that are not being able to put up their sales. With customers confined to their homes, the automotive sector is finding it difficult to trigger their sales.
Since the beginning of the year, the automotive industry had started taking precautionary measures, but it was only last month that things took a severe turn. The first setback for the automotive industry was the cancellation of the Geneva Motor Show, scheduled to be held on March 05.
The U.S. has already become the epicentre of COVID-19 with around 468,887 active cases. The U.S. Centres for Disease Control and Prevention states that the condition will further worsen in the coming months. Hence, it is necessary to follow all the safety norms to reduce the severity as much as possible.
It is evident that the automotive industry is suffering significant losses due to the widespread nature of COVID-19. Manufacturers have no other way than shutting their factory outlets and stopping their manufacturing. Thousands of jobs are also at stake, which certainly increases the gravity of the issue. In this time of difficulty, it is quite hard to maintain sales. But, manufacturers are making their best effort to make the purchase journey easier for the customers. They have come up with payment relief and auto loan relief during the Coronavirus crisis.
Manufacturers have promised that they will provide the customers with payment relief on buying/leasing a new or used car. Customers are also facing a financial crisis due to Coronavirus.
So arranging the money for a car can be challenging. That’s why manufacturers have initiated payment relief programs for the customers. In this program, customers can receive three to six months of payment relief on the purchase or leasing of the car.
Ideal Time To Make A Purchase
Those who were planning to buy a car during this time of the year are currently unsure about their choice. If you intend to buy a car, this is a great time to reap the benefits of payment relief provided by different carmakers. Customer experience is the core component of business success and manufacturers are trying their best to improve customer interactions, which will eventually result in better sales for the company.
