COVID-19 Updates & Auto Industry Response
Update 5/29/20: Home Delivery is now featured on your portal. Both new and used vehicles from participating dealers will be labeled with a Buy From Home badge. Encourage members to speak with dealers regarding this process. Make it easy with the Buy From Home e-mail template and Buy From Home explainer video!
Sites display the following header and descriptions. Used searches (before sharing information) will have badging and New inventory listings (after sharing information) will show which dealers participate.
Update 5/15/20: TrueCash Offers are back with guaranteed pricing. Shoppers will once again be able to get a cash offer for their vehicle at participating dealers.
Update 4/9/20: TrueCash Offers are temporarily moving to an “estimate” model, as shown in the screenshot below. The values are still calculated using the same system, and members will be connected with a dealer. Once necessary business operations resume, your members will begin to see TrueCash Offers again.
We hope that you continue to remain safe and healthy as we weather through the pandemic.
As your team manages its ongoing COVID-19 response and business continuity strategy, we are here to help. Our expertise is in auto lending, and with our partner, TrueCar, we have access to a lot of helpful data. Please use this information from TrueCar to assist in your efforts:
- Revised ALG 2020 New Vehicle Forecast: ALG (a TrueCar company) has provided an updated 2020 New Vehicle Sales Forecast based on projected short-term and long-term impacts of COVID-19. As you might expect, ALG is projecting some softness in the market, but the press release also outlines a number of key factors to consider surrounding vehicle demand. This knowledge will be helpful as you re-assess demand planning for new and used auto loans as a result of the virus’s economic impacts.
- OEM Incentives and Lender Support Programs: The TrueCar team has a running list of all OEM incentives and lender support programs (PDF) in place. This includes captive finance players. Know what others are offering your members. We believe this is essential as you consider any rate changes or payment flexibility allowances. This document is evolving and we’ll update it as we receive new information.
We will continue to keep you informed so you can make decisions with the best information. If you have any questions on this data or other aspects of your auto lending, get in touch.
Be well. Stay safe. And we’ll be right here with you to help navigate these challenging times while keeping your members first.