HOUSTON, Aug. 6, 2020 /PRNewswire/ -- BBVA Research published its July auto sales chartbook, noting vehicle sales exceeded expectations for the quarter, resulting in an upward revision to the economists' annual forecast. However, sales were still 33.7 percent below levels observed in 2Q2019, the worst decline since 2Q09.
After a sharp contraction in April, sales increased in May and June, supported by fiscal stimulus and the partial reopening of the economy, according to the chartbook. Despite improving figures, the chartbook cautions that sales are likely to remain subdued through the remainder of 2020 as the pandemic continues to wreak havoc on economic activity.
The chartbook, authored by BBVA Research Principal Economist Marcial Nava, forecasts that sales could be affected in the long run by changes in consumer behavior resulting from the pandemic, including people relocating away from urban areas and the increasing rate of remote work among employees across the U.S.
Read the full auto sales chartbook here.
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BBVA (NYSE: BBVA) is a customer-centric global financial services group founded in 1857. The Group has a strong leadership position in the Spanish market, is the largest financial institution in Mexico, it has leading franchises in South America and the Sunbelt Region of the United States. It is also the leading shareholder in Turkey's Garanti BBVA. Its purpose is to bring the age of opportunities to everyone, based on our customers' real needs: provide the best solutions, helping them make the best financial decisions, through an easy and convenient experience. The institution rests in solid values: Customer comes first, we think big and we are one team. Its responsible banking model aspires to achieve a more inclusive and sustainable society.
In the U.S., BBVA is a Sunbelt-based financial institution that operates 641 branches, including 330 in Texas, 89 in Alabama, 63 in Arizona, 61 in California, 44 in Florida, 37 in Colorado and 17 in New Mexico. The bank ranks among the top 25 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (6th). In the U.S., BBVA has been recognized as one of the leading small business lenders by the Small Business Administration (SBA) and ranked 8th nationally in terms of dollar volume of SBA loans originated in fiscal year 2018.
SOURCE BBVA USA