Automotive News Canada - April 2020 - v2 - S30
CONCLUSION
The war against the coronavirus rages on across North America and around the world, with
some predications forecasting the peak is yet to come. At the time of publication, hot spots were
emerging in Detroit, New Orleans and other major cities across the U.S. and Canada, following the
massive outbreak in New York. Internationally, Spain and other countries in Europe were following
the path of Italy. And in Asia, China is starting to cautiously emerge from its 90-day lockdown,
admittedly now turning its attention to preventing new cases of COVID-19 from being imported
into the country.
The good news is that countries are emerging. The other good news is that most players in the
automotive value chain were in a much better cash position at the start of this year than they were
heading into the Great Recession. There is a frequent and consistent undertone in all the bad
news that we will get through this, it will just take time.
Unfortunately, for those on the front lines of the economic battle - direct-to-consumer facing
businesses like automobile dealers - time is something they may not have. Survey respondents
were clear: They were ill-prepared to respond to and weather a catastrophic event like a global
pandemic.
Still, according to DSMA CFO Maxime Theoret, it is necessary to be proactive in these trying
times and put in place contingency plans. "Take the time to set up a budget reflecting different
scenarios. Personally, I recommend working with a sensitivity analysis that provides three
levels: pessimistic (or conservative), moderate and optimistic," said Theoret. "Then focus on the
pessimistic scenario to make sure you have enough liquidity to survive the most pessimistic of
contingencies."
The good news is that the government is stepping in to support businesses and banks are also
under pressure to be more flexible. Theoret recommends taking time to review governmental
measures that could help, such as the labor credit that will apply to dealers who still have active
employees. He also recommends contacting the bank to review all options available to you to
reduce or defer monthly payments and free cash in the near term.
Will support from financial institutions and government help? Only time will tell. What will be more
interesting, however, will be looking back and reflecting on how in responding to the COVID-19
crisis, innovations were tested and scaled and became part of the new ways of doing business.
Automotive News Canada - April 2020 - v2
Table of Contents for the Digital Edition of Automotive News Canada - April 2020 - v2
Automotive News Canada - April 2020 - v2 - Intro
Automotive News Canada - April 2020 - v2 - 1
Automotive News Canada - April 2020 - v2 - 2
Automotive News Canada - April 2020 - v2 - 3
Automotive News Canada - April 2020 - v2 - 4
Automotive News Canada - April 2020 - v2 - 5
Automotive News Canada - April 2020 - v2 - 6
Automotive News Canada - April 2020 - v2 - 7
Automotive News Canada - April 2020 - v2 - 8
Automotive News Canada - April 2020 - v2 - 9
Automotive News Canada - April 2020 - v2 - 10
Automotive News Canada - April 2020 - v2 - 11
Automotive News Canada - April 2020 - v2 - 12
Automotive News Canada - April 2020 - v2 - I1
Automotive News Canada - April 2020 - v2 - I2
Automotive News Canada - April 2020 - v2 - 13
Automotive News Canada - April 2020 - v2 - 14
Automotive News Canada - April 2020 - v2 - 15
Automotive News Canada - April 2020 - v2 - 16
Automotive News Canada - April 2020 - v2 - 17
Automotive News Canada - April 2020 - v2 - 18
Automotive News Canada - April 2020 - v2 - 19
Automotive News Canada - April 2020 - v2 - 20
Automotive News Canada - April 2020 - v2 - 21
Automotive News Canada - April 2020 - v2 - 22
Automotive News Canada - April 2020 - v2 - 23
Automotive News Canada - April 2020 - v2 - 24
Automotive News Canada - April 2020 - v2 - F1
Automotive News Canada - April 2020 - v2 - F2
Automotive News Canada - April 2020 - v2 - F3
Automotive News Canada - April 2020 - v2 - F4
Automotive News Canada - April 2020 - v2 - F5
Automotive News Canada - April 2020 - v2 - F6
Automotive News Canada - April 2020 - v2 - F7
Automotive News Canada - April 2020 - v2 - F8
Automotive News Canada - April 2020 - v2 - F9
Automotive News Canada - April 2020 - v2 - F10
Automotive News Canada - April 2020 - v2 - F11
Automotive News Canada - April 2020 - v2 - F12
Automotive News Canada - April 2020 - v2 - F13
Automotive News Canada - April 2020 - v2 - F14
Automotive News Canada - April 2020 - v2 - F15
Automotive News Canada - April 2020 - v2 - F16
Automotive News Canada - April 2020 - v2 - F17
Automotive News Canada - April 2020 - v2 - F18
Automotive News Canada - April 2020 - v2 - F19
Automotive News Canada - April 2020 - v2 - F20
Automotive News Canada - April 2020 - v2 - F21
Automotive News Canada - April 2020 - v2 - F22
Automotive News Canada - April 2020 - v2 - F23
Automotive News Canada - April 2020 - v2 - F24
Automotive News Canada - April 2020 - v2 - F25
Automotive News Canada - April 2020 - v2 - F26
Automotive News Canada - April 2020 - v2 - F27
Automotive News Canada - April 2020 - v2 - F28
Automotive News Canada - April 2020 - v2 - S1
Automotive News Canada - April 2020 - v2 - S2
Automotive News Canada - April 2020 - v2 - S3
Automotive News Canada - April 2020 - v2 - S4
Automotive News Canada - April 2020 - v2 - S5
Automotive News Canada - April 2020 - v2 - S6
Automotive News Canada - April 2020 - v2 - S7
Automotive News Canada - April 2020 - v2 - S8
Automotive News Canada - April 2020 - v2 - S9
Automotive News Canada - April 2020 - v2 - S10
Automotive News Canada - April 2020 - v2 - S11
Automotive News Canada - April 2020 - v2 - S12
Automotive News Canada - April 2020 - v2 - S13
Automotive News Canada - April 2020 - v2 - S14
Automotive News Canada - April 2020 - v2 - S15
Automotive News Canada - April 2020 - v2 - S16
Automotive News Canada - April 2020 - v2 - S17
Automotive News Canada - April 2020 - v2 - S18
Automotive News Canada - April 2020 - v2 - S19
Automotive News Canada - April 2020 - v2 - S20
Automotive News Canada - April 2020 - v2 - S21
Automotive News Canada - April 2020 - v2 - S22
Automotive News Canada - April 2020 - v2 - S23
Automotive News Canada - April 2020 - v2 - S24
Automotive News Canada - April 2020 - v2 - S25
Automotive News Canada - April 2020 - v2 - S26
Automotive News Canada - April 2020 - v2 - S27
Automotive News Canada - April 2020 - v2 - S28
Automotive News Canada - April 2020 - v2 - S29
Automotive News Canada - April 2020 - v2 - S30
Automotive News Canada - April 2020 - v2 - S31
Automotive News Canada - April 2020 - v2 - S32
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