Q : With so many dealerships throughout Southern California, you deal with a lot of customers. In light of the financial constraints many are feeling during the pandemic, are more people buying used vehicles these days? A : Because of the pandemic, the car factories and their suppliers closed, some for as long as two months. This put a larger demand on used cars and caused an increase in their prices.
With the growing popularity of EVs and hybrids, more and more of these vehicles are becoming available on the used car market. Q: Southern California has long been known for its car culture, ranging from vintage vehicles and muscle cars to energy-saving electric models.
What kinds of trends are you seeing among the car-buying public? A : In addition to inviting interest rates, the price of gasoline has been relatively inexpensive and stable. This has fueled a sales increase in medium-sized SUVs such as the Honda Pilot and the Dodge Durango, which obviously get fewer miles per gallon than your traditional gasoline sippers, like Honda Civics, Kia Fortes and hybrids.
Our Jeep and RAM sales also continue to stay steady. We continue to monitor information from state health authorities and the CDC for their guidance and recommendations on how we can help to prevent the spread of this virus. Our steps include thorough cleanings of all dealership facilities hourly, providing staff with specific instructions on hand washing and the importance of staying home if they are not feeling well, and adhering to the recommended six feet of social distance from other staff and customers.
We will be adjusting schedules and operations for some of our staff to ensure that we stay well and can continue serving our customers efficiently. Forward-looking statements are not guarantees of future performance, and our actual results of operations, financial condition and liquidity and development of the industries in which we operate may differ materially from those made in or suggested by the forward-looking statements in this press release.
The risks and uncertainties that could cause actual results to differ materially from estimated or projected results include without limitation, future economic and financial conditions both nationally and locally , changes in customer demand, our relationship with, and the financial and operational stability of, vehicle manufacturers and other suppliers, risks associated with our indebtedness including available borrowing capacity, compliance with financial covenants and ability to refinance or repay indebtedness on favorable terms , government regulations, legislation and others set forth from time to time in our filings with the SEC.
We urge you to carefully consider this information and not place undue reliance on forward-looking statements. We undertake no duty to update our forward-looking statements, including our earnings outlook, which are made as of the date of this release. Inflation is at a year high. But these Mad Money megatrends could help you fight back.
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Dow Futures 35,
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