Auto industry boosts retail sales in June 2020

Open economies, government stimulus, and steady demand are making a financial impact as the auto industry boosts retail revenues this summer, reports said.

The COVID-19 pandemic sent the economy into a tailspin in 2020, but some encouraging signs came from June economic numbers suggesting the retail industry is slowly beginning to bounce back.

Retails sales increased by 7.5% in June, according to the Commerce Department, after a rebound in May.

The June increase, as well as the jump in May, was based largely on car sales.

Some reports indicate used-car sales beat pre-coronavirus projections for June. Some officials say retail is rebounding in the new-car sphere from access to low-interest loans.

Demand may still be apparent. Car dealers, though, have seen wholesale values for vehicles increase over the past months. It’s more expensive to increase the size of a fleet.

Check the TDS insider blog for more industry news and updates.