Transportation & Logistics Industry Update
What We’re Reading
Coronavirus stay-at-home orders kept most people off the streets from March through May, and many retail businesses suffered for it. The automotive aftermarket was no exception, with major players reporting quarterly sales declines compared to last year; however, the loss in foot traffic was largely offset by online activity. Although e-commerce adoption in the aftermarket lagged most other industries prior to COVID-19, the rate of online purchasing in the sector has rapidly accelerated over the past several months.
"This week saw positive news for auto body shops trying to recover from a volume decline during COVID-19 coronavirus-related shutdowns and precautions. Roadside assistance platform Urgently on Wednesday said its modeling predicted traffic would reach 130 percent of historical volumes in the middle of July. As miles driven is a key variable controlling crash frequency and shop volume, this bodes well for collision repairers."
The majority of collision repair industry participants expressed little desire to attend SEMA and related industry events that are planned to take place in Las Vegas in November. Despite concerns surrounding the COVID pandemic, SEMA has continued its plan for a 2020 show while many other industrial events have gone virtual. Respondents pointed to safety concerns and travel restrictions as the central concerns for skipping this year’s trade event.
Harris Williams is a leading advisor to the transportation and logistics M&A market. Our Transportation & Logistics Group serves companies in a broad range of attractive niches, including third-party logistics (3PL), truck, rail, marine and air transportation, transportation equipment, and the automotive and heavy duty vehicle market.
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