Preliminary results from the survey by the Automotive News Data Center found that more than 9 out of 10 respondents expect business in 2020 to be worse or much worse compared with last year. In the February survey, nearly half of the respondents projected that business would be better this year vs. 2019.
“It’s a day-to-day emergency, and we are learning and trying to act with compassion while still running a business,” one dealer said in the latest survey. “From last week to this week it has taken a 180-degree change. But we will survive.”
Just six weeks ago, only 1 in 10 dealers thought the profit outlook for 2020 was worse or much worse.
In other preliminary results from the latest survey, about two-thirds of respondents now expect a decline in revenue of at least 20 percent. The results reflected answers from 177 respondents through the morning of Friday, March 20. The survey was continuing into this week.
One survey respondent, Drew Fitchett, the 73-year-old dealer principal of…