Despite the uncertainty for global automakers and suppliers arising from Great Britain's vote to withdraw from the European Union, the immediate impact on the U.S. auto market appears to be modest.
The June 23 vote certainly jolted investors worldwide who had largely anticipated that U.K. voters would decide to remain in the 28-member EU. British stock markets fell sharply on the news and the pound fell to a 30-year low against the dollar.
But global financial markets handled the immediate volatility in the days afterward. That helped allay fears that the shock would spread quickly outside Europe and precipitate a worldwide crisis.
The full impact of the Brexit vote won't be known for quite some time. EU rules specify a two-year limit on settling the terms of the U.K.'s disengagement. And the future of the U.K. itself is unclear, with elements within Scotland and Northern Ireland discussing staying with the EU.
Analysts see significant declines in U.K. and European auto sales through 2018 and potential post-EU strategic disadvantages for auto manufacturing in England. That will affect global automakers and suppliers.
But auto executives and analysts expect no immediate effects on auto sales within the U.S. market, except for the possibility of slightly lower interest rates on U.S. auto loans if global uncertainty convinces the Federal Reserve to delay raising key lending rates.
Last week, General Motors' chief economist Mustafa Mohatarem suggested better odds that U.S. interest rates "will remain lower longer" than if British voters had decided to stay in the EU.
As events unfold, automakers, suppliers and even dealers should stay alert and be ready for change. Until then, the best advice may be Britain's longtime adage for uncertain times: Keep calm and carry on.