CoronaVirus Industry Update
Please read the following message from our entire J.D. Power Valuation Services team that are here to serve our clients and keep them informed on our industry during these challenging times. To get the latest updates please check back to this page often for new articles posted.
Coronavirus Response: Here for our people and our customers
As the global Coronavirus (COVID-19) situation continues to develop, we at J.D. Power are closely monitoring the situation and taking steps to ensure we continue to support our customers and our employees during this challenging time.
Ensuring the safety of our people
We are continuing to follow the guidance of the CDC and federal and local authorities by encouraging social distancing, including the implementation of work-from-home policies, and supporting remote operation for our teams globally. The vast majority of our employees have now transitioned to work-from-home status and, on the advice of state authorities, we have closed our offices in California and Troy, Michigan. We have also curtailed all non-essential employee travel for the foreseeable future. However, our employees continue to be connected to each other, to the data and tools they need, and to our customers to ensure we will continue to support each other and serve those who rely on us through the coming challenges.
Supporting our customers: Valuation updates
The unprecedented circumstance we all now face is severely disrupting new and used vehicle operations. Social distancing measures will necessarily curtail activity at dealerships and wholesale auctions across the country, while statewide shelter-at-home mandates such as the one recently enacted by California threaten to bring operations to a virtual halt. Given these disruptions, J.D. Power Valuation Services will adopt a prudent approach to future valuation adjustments. While we can expect a significant increase in volatility for both sale prices and volume, we are working to ensure that future valuation updates are based more on sound supply and demand fundamentals rather than arbitrary swings in pricing, and in particular, volume.
Supporting our customers: Weekly Used Vehicle Industry Impact Report
To ensure our customers have the information they need to help navigate the challenges ahead, beginning Wednesday, March 25, we will be producing a weekly COVID-19 J.D. Power Used Vehicle Industry Impact Report containing our latest insights into the market environment in the wake of the virus. These reports will be emailed to our customers and are intended to arm them with the facts they will need to make the right decisions in this uncertain time. The reports will be based on actual market data and will contain our projections for the forthcoming effects on vehicle valuations and sales.
Supporting our customers: Here for you
As we continue to monitor the situation and support each other, we at J.D. Power stand firm in our commitment to ensure our customers have access to powerful data and valuable insights to help them make the right decisions for their businesses. Please feel free to contact us at 800.544.6232 Monday through Friday 8:30am-6:00pm EST or email us at firstname.lastname@example.org with any questions you have.
By supporting each other we will get through this.
The J.D. Power Valuation Services Team