FIRSTLOOK MARKET ALERT COVID-19 Impact #2 MAKERS OF 12 Covid-19 Disruptive economic shocks like the one we are in bring tremendous risks along with ample opportunities. While the current disruption is greater than 9/11 or the Global Financial Crisis of 2008 combined, there are lessons to learn. During those prior crises, the first shock, a period of demand freeze was followed by a second shock of a sharp drop in consumer confidence. Eventually, shifts in supply and demand curves caused the pre-owned values to crash costing finance companies and dealers billions of dollars. This time is also different. The economic paralysis from the COVID-19 lockdowns has damaged consumer confidence and combined with record off-lease supply and new car incentives creating a “perfect storm” hitting de

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