Ask Rick: Corona Virus Impact on Businesses and at Home
Happy May 2020! With some of the country starting to re-open I thought that this episode would be appropriate for a special edition all “Ask Rick” show with Rick Schmidt from NPD. Rick’s monthly segment has been highly popular with so many of you due to his straightforward approach to all questions asked, and I specifically wanted to hear how COVID-19 is affecting the automotive aftermarket and restoration economy. The short answer is…things aren’t exactly as you think they might be!
As a business supporting the “hobby” market of automotive Rick counts himself and NPD as very lucky to still be open as an essential supplier. The surprising thing about recent sales is that they have not taken as big of a hit as one would think. In fact, at the moment…they’re up! With everyone staying home and looking for something to do, many are pulling out their classics and hot rods and getting to work on them. NPD has been able to supply parts and keep these enthusiasts stocked with the parts they need.
With that established, for historical reference Rick mentioned that the 2008 recession didn’t hit the restoration aftermarket in full force until 2010, simply due to the wave effect of the economy. Rick is aware things can swing the other way, and they’re prepared. His father’s life-long conservative business approach has paid dividends, and NPD’s inventory, car collection, and even buildings are all debt free.
If you would like to find parts for your “stay at home” project, you can find them at NPDlink.com. While you may not be able to actually enter the stores right now, you can call and talk to a live person at FL 800-874-7595, MI 800-521-6104, CA 800-235-3445, NC 800-368-6451.
Thanks again Rick for helping to keep America sane!
– Rob Kibbe
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