Volvo Coronavirus Financial Relief and New Car Incentives
On March 3, 2020, Volvo Car USA announced robust sales in the month of February, the best for the month since 2007. With that 18.2% year-over-year gain compared to the sales total from February 2019, Volvo celebrated its 14th straight month of annual growth and 2020 year-to-date sales up 12.1%. The company’s lineup of SUVs led the charge with the updated XC90 up 21.7% versus February 2019 and the remarkably popular XC40 up 64% year-over-year.
Then in mid-March, the coronavirus reared its ugly head. In many states and localities, businesses were shut down and citizens were strongly encouraged to stay home. These measures had a devastating effect on overall vehicle sales and Volvo didn't avoid the pain. The brand's sales fell 42.7% for the month of March, a decline dramatic enough to turn what previously had been a strong sales increase into an 11.7% year-over-year decline for the quarter.
In the face of the economic and health crisis, Volvo Car USA is offering coronavirus car payment plans to existing customers and new car incentives in a bid to gain new customers and regain the momentum it had earlier in the year. Here are the details.