After five, record-setting sales years in a row, where over 17 million vehicles were sold each year, 2020 will go down as noteworthy for many changes in the U.S. auto industry.
As the pandemic wrecked life across the globe, economic indicators in March of 2020 pointed to a deep recession. Yet, two months later the economy’s direction rebounded as new car and used car sales skyrocketed, and boat, RV and bicycle sales went through the roof. Consumers recognized the need to generate their own life experiences, outside, away from the masses.
Pickup truck and crossover/SUV sales eclipsed car sales at a previously unrecognized pace. By year end, trucks and SUVs accounted for over 80% of new vehicle sales, an utter rejection of cars as primary transportation devices as well as a complete reversal of industry trends as recent as 2013 when cars were 55% of new vehicle sales.