How are used car dealers handling COVID-19? Apparently, pretty well

 National Independent Automobile Dealers Association survey finds independent car dealers are retaining employees at a high rate. 

Fast facts:

  • Seventy-two percent of the respondents are still open for business with social distancing protocols in place, many by appointment only or online. Twenty-seven percent of the dealerships reported having closed temporarily, and only 1 percent have closed permanently.
  • Forty-seven percent of dealers have kept their staffing level the same since March 1 – and 1 percent have actually added employees.
  • Of the 52 percent that have cut staff, 56 percent have reduced their level by more than half. But 85 percent of those dealers said they have furloughed those employees with the intent to rehire them.
  • As of April 14, 21 percent of dealers surveyed that submitted Paycheck Protection Program applications have been approved or funded. One percent reported being denied.
  • The majority of states and local jurisdictions are allowing auto sales to continue in some capacity during the pandemic, while taking steps to protect public health.

Follow the TDS Insider blog for more car dealer industry news.