Porsche Coronavirus Financial Relief and New Car Incentives

Rebecca Lindland | April 1, 2020

No one is immune from the devastating effects of the coronavirus pandemic, and automotive brands are responding with assistance to prospective and existing customers.

Porsche Coronavirus Financial Relief and New Car Incentives

Porsche Cars North America (PCNA) and Porsche Financial Services (PFS) are rolling out programs to support customers and dealers alike in the midst of the COVID-19 chaos. These measures include temporary customer payment relief, incentivizing home delivery, expanding online retailing capabilities, and reducing operational costs for its 192 independently owned and operated U.S. dealers.

Despite widespread national efforts to tamp down the coronavirus, the infection rate continues to climb, impacting both personal and professional lives. No industry is spared, and the automotive sector, including its suppliers, dealers, and repair shops, is no exception. Porsche is using its significant media presence and corporate resources to stem the tide of the virus, flexing its expertise in everything from creating efficient processes to deploying its highly trained personnel to the front lines of the disease.

Here’s a look at what Porsche is doing in the U.S. and abroad, including the company’s coronavirus car payment plans.

Porsche Customer Relief Programs - Find the best deals!

Porsche Financial Services recently added its name to the list of brands providing car payment relief to existing customers. PFS is offering up to a 6-month lease extension for contracts expiring by April 30, adding four months to its standard 2-month extension period. This is ideal for not only securing transportation for its customers but also delaying an outlay of cash at an inopportune time. In addition, PFS is offering payment deferrals of 30-60 days on a case-by-case basis, a strategy it employed during the 2008 financial crisis.

Proactively managing your account during this time, especially if you are facing difficult financial circumstances, is the best course of action. Current Porsche owners with questions or concerns can reach out to PFS via online by logging into their PFS Account via My Porsche and sending a message using the secure message portal (Help>Contact>Ask Us). Email the company via [email protected]; or call 1-800-PORSCHE (1-800-767-7243).

 
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Porsche New Car Incentives - Find the best deals!

Unlike many automakers, Porsche is not offering any additional new car incentives due to the COVID-19 pandemic, although national programs for sales and leasing already exist on a variety of models. Since dealerships are individually owned and operated, check with your local dealer for new vehicle enticements.

In order to facilitate sales, dealers are encouraged to expand their online retail services. Porsche is reducing the cost to launch the amenity, simplifying the processes to speed up installation of digital retail on dealer websites. Offering buying, financing, and even insurance options through PFS, customers can complete the entire purchasing cycle online, although a visit to the dealer for final signatures and to collect the vehicle are still required at some locations.

Porsche is working on expanding at-home delivery for new sales and availability of at-home pick-up and drop-off for maintenance and repairs. Many dealerships already offer this benefit for existing customers, so check with your local dealer for availability.

Individual dealers are using enhanced cleaning techniques for vehicles brought in for service or new vehicles purchased. Particular attention is paid to touch points such as door handles, steering wheels, seats, and other hard surfaces, which serves as a good guide for any vehicle.

Porsche Factory Closures - Find the best deals!

While Porsche does not produce vehicles in North America, production at its Zuffenhausen and Leipzig locations stopped as of Saturday, March 21. Originally planned as a two-week shut-down, the company had not announced a restart date as of April 1.

European delivery of Porsche vehicles in Stuttgart is also suspended in accordance with local regulations. The Factory Delivery Center is closed from March 23 until April 10, or until further notice.

The Porsche Experience Centers in Los Angeles and Atlanta are also closed. Two events planned in August and September through Porsche Travel Experience are still on, although that may change.

Porsche Economic Outlook & Sales Forecast - Find the best deals!

Porsche’s first quarter sales declined by 20.2% despite a strong start to the year. All models saw double-digit declines, with the iconic 911 and compact Macan SUV down the least at 10.5% and 10.2% respectively. The Panamera, Cayenne, and 718 were down by as much as 40%. Sales of the all-new, all-electric Taycan numbered 221 units. The 4S version of the four-door EV sedan is still due for a second-quarter launch.

On a broader basis, J.D. Power’s vice president of Data and Analytics, Tyson Jominy, expects the impact on new vehicle sales to continue through April. The company’s retail sales outlook for March is between 669,000 and 948,000 units, a wide range due to the many uncertainties surrounding potential legal restrictions on dealership sales operations and consumer behavior. This would represent a 16% to 41% decline from March 2019, with the virus accounting for almost all of the lower figures.

J. D. Power revised its annual sales numbers from a pre-virus estimate of 16.8 million units to 14-16 million units for 2020. While the current situation may look bleak, the auto industry is remarkably resilient. Fortunately, many brands were in relatively good financial health when the pandemic struck, but it’s small consolation if the economy and the workforce does not get back on its feet soon.

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