The coronavirus pandemic has left no part of the global economy untouched. People are staying indoors, businesses are shuttering left and right, unemployment is skyrocketing and virtually nobody is buying cars.
Now, as we edge toward a downturn as bad or worse than the 2008 financial crisis, Ford is nudging the U.S. government toward another Cash for Clunkers-style car buying incentive program.
“We think some level of stimulus somewhere on the other side of this would help not only the auto industry and our dealers, which are a huge part of our overall economy, but will help the customers as well,” said Mark LaNeve, Ford’s vice president of U.S. marketing, sales and service, in a phone interview with Bloomberg. “We’re in discussions about what would be the most appropriate.”
“Cash for clunkers was very effective at that time,” LaNeve told Bloomberg. “It would be nice to think we could have something equally as effective for 2020 when we get out of this because it was a great program.”
Except, it wasn’t really a great program.