RESTON, Va., April 20, 2020 /PRNewswire/ -- As the COVID-19 pandemic continues to affect consumer demand, there are indications that the worst might be over for the automotive industry. New insights from Comscore (NASDAQ: SCOR), a trusted partner for planning, transacting, and evaluating media across platforms, shows that the significant drop in consumer demand for new vehicles seen across March 2020 began leveling off at the end of the month, and even slightly increased week over week into the first week of April.
Comscore's In-Market New Vehicle Demand Indicator has been tracking consumer demand since the beginning of the coronavirus pandemic. This data is an early indicator of industry health and provides insight into what is on the horizon for the auto industry. It is measured via engagement with lower funnel shopping KPIs across 40+ third party automotive shopping sites, such KBB, CarGurus and Edmunds.
In prior editions, Comscore reported significant declines in weekly new vehicle demand compared to the same period in 2019. Demand in the last two weeks of March 2020 fell more than 30 percent compared to the same period in the year prior. The first positive indications since the U.S. began implementing stay-at-home measures are seen during the week of April 5, 2020, which registered an increase of 12 percent week over week.
"While we could be in for a long recovery and the way forward still remains largely unknown, this early data shows a rebound may be just around the corner. Manufacturers are discussing dates for assembly plant reopenings, dealers are rolling out contactless sales promotions, and the country in general is eager for any ways to get back to what feels normal," said Dennis Bulgarelli, Vice President, Automotive, Comscore. "In the meantime, existing inventories should be able to accommodate pent-up demand from prospects returning to the market."
Comscore (NASDAQ: SCOR) is a trusted partner for planning, transacting and evaluating media across platforms. With a data footprint that combines digital, linear TV, over-the-top and theatrical viewership intelligence with advanced audience insights, Comscore allows media buyers and sellers to quantify their multiscreen behavior and make business decisions with confidence. A proven leader in measuring digital and TV audiences and advertising at scale, Comscore is the industry's emerging, third-party source for reliable and comprehensive cross-platform measurement. To learn more, visit www.comscore.com