Recent Auto Remarketing reports chronicled the swift declines in wholesale activities at auctions and the softening of vehicle retail sales at dealerships.
The data science team at Womply, a software and API company serving small businesses and app developers, looked to quantify the impact of COVID-19 on segments of the automotive industry that might be used by auctions, dealerships and related service providers. Womply dissected daily data analysis of transaction trends year-over-year at 400,000 local businesses across the country, including 30,000 auto services operations.
Womply discovered these auto services businesses are sustaining significant decreases. Here are the firm’s year-over-year comparisons as of Thursday:
Auto parts and supply shops
• Weekly revenue at local auto parts and supply businesses is down 32% year-over-year.
• Last week was their worst revenue week of 2020.
• Nine percent have stopped transacting entirely.
Auto repair and maintenance
• Weekly revenue at local auto repair and maintenance businesses is down 41% year-over-year.
• Last week was their worst revenue week of 2020.
• Eight percent have stopped transacting entirely.
Auto wash and detail
• Weekly revenue at local auto wash and detail businesses is down 48% year-over-year.
• The week of March 16 was their worst revenue week of 2020, when weekly revenue was down 53% year-over-year.
• Twelve percent have stopped transacting entirely.
Gas stations
• Weekly revenue at local gas stations is down 48% year-over-year.
• Last week was their worst revenue week of 2020.
• Four percent have stopped transacting entirely.
Tire services
• Weekly revenue at local tire services businesses is down 39% year-over-year.
• Last week was their worst revenue week of 2020.
• Seven percent have stopped transacting entirely.
Towing and roadside assistance
• Weekly revenue at local towing and roadside assistance businesses is down 47% year-over-year.
• Last week was their worst revenue week of 2020.
• Seven percent have stopped transacting entirely.
Source : AutoFinanceNews
