REUTERS: Auto retail sales in the United States are beginning to recover from a massive slump in March due to the outbreak of the coronavirus and nationwide stay-at-home orders, according to analysts at research firm J.D. Power on Wednesday.
"For the week ending April 19, retail sales were down 48per cent from the pre-virus forecast, an improvement of 3 percentage points from the week ending April 12," J.D. Power analyst Tyson Jominy said. Around 300,000 new vehicles were sold during the first 19 days of April. During March, sales in some areas with high infection rates, such as New York, declined by as much as 80per cent, the firm's data showed.But throughout the crisis, light duty pickup trucks proved the most resilient, with sales down only 16per cent. That is a boon to U.S. carmakers whose production plans show a growing reliance on ever-larger gas-powered vehicles which they can sell at higher profits.
Sales could also get a boost from incentives doled out by most carmakers to entice purchases. Many automakers, including Detroit's General Motors Co , Ford Motor Co and Fiat Chrysler Automobiles NV , offer 0per cent financing rates and deferred payment options for new car purchases.
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