Like you, I have been reading numerous articles about fear gripping the automotive industry and many other industries, thanks to the coronavirus pandemic. The last time I checked, fear has never led to positive outcomes.
It's very easy to get caught up in the news cycle and focus only on the negative. But we must resist this tendency because it stifles our ability to think rationally. As entrepreneurs, we need to focus on solutions and opportunities, understanding that this, too, will pass.
Yes, there is a pre-owned vehicle glut right now. We know leases are being extended by lenders, which will exacerbate the off-lease supply problem in the coming months. Auction yards are packed, and dealers' inventories are bloated. There's simply not enough demand to alleviate the problem today.