Market Insights with Mike: Pandemic Impact and Outlook on the Auto Care Industry
By Camille Sheehan
BETHESDA, Md. – April 23, 2020 – In the inaugural edition of Market Insights with Mike, Mike Chung, director, market intelligence, Auto Care Association, highlighted trends in vehicle miles driven and launched a survey to learn about the impact of COVID-19 on the aftermarket. In this new piece, Mike highlights the results from the survey. Traffic continues to stay at nearly 50% below their levels in late February. INRIX reports that the drop in vehicular traffic has flattened a bit in recent weeks – passenger travel was on average 48% lower during the week of April 4-10 than the week of Feb. 22-29.
According to INRIX, the trips have averaged from 8.70-9.40 miles, comparable to the control week (2/22-2/29) value of 9.11 miles.
The Auto Care Association knows that VMT is just one of many data points that can help businesses navigate current uncertainty. As a result, the association is offering free access (to Auto Care Association members) to 40+ Economic and Industry Indicators to our interactive industry research platform TrendLens™.
To read Mike’s full insights on how the pandemic is impacting the auto care industry, click here.
About Market Insights with Mike:
“Market Insights with Mike” is a new series presented by the Auto Care Association’s Director of Market Intelligence, Mike Chung, that is dedicated to analyzing market-influencing trends as they happen and their potential effects on your business and the auto care industry.