It’s been a bumpy ride for the automotive industry this past year. Back in November and December when the economy was running full speed ahead, automotive manufacturers had high expectations for robust sales activity in 2020.
Then, COVID-19 happened.
With frightening speed, the economy ground to a halt as states, employers, and officials implemented various measures to slow the spread of the virus, which ultimately resulted in layoffs and reduced buying activity. In a typical year, the number of motor vehicles sold runs between 17 million and 20 million. But the sudden decline in car sales has analysts forecasting
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