The current crisis demands that we become more prepared, break old habits, and experiment with new ways of doing things. However, the good news is that with Crest Hill Capital, your financial situation is in safe hands. Visit @ https://cresthillcapitalllc.wordpress.com/2020/12/02/how-can-the-automotive-industry-bounce-back-after-covid-19/

1. How can the Automotive
Industry Bounce Back
After Covid 19?

2. The auto industry in the U.S. almost came to a
screeching halt in March 2020 because of the
coronavirus outbreak. Sales began to see a sharp
decline. Although it was initially assumed that there
would be a quick recovery, it was soon realized that
it would take long-term and short-term planning to
deal with the current crisis.

3. The automotive industry needs to rethink and
restructure in order to survive and emerge stronger.
Now the major question on everyone’s mind is how?
With a decline in the economy, how do smaller
businesses bounce back? Luckily, companies such
as Crest Hill Capital can help you overcome this
crisis. Let’s find out how.

4. 1. Modifying Workstations
Coronavirus is very contagious and is known to
spread rapidly in closed spaces. Hence, it becomes
very important to protect employees and curb the
spread of the virus within your workstations. Certain
steps need to be taken to keep staff and customers
safe.

5. These steps could include setting up temperature
checks, self-screening for employees, redesigning
workstations to keep social distancing, or
increasing the number of breaks and shifts to
avoid too many people gathering at one time.

6. You can also install thermal imaging cameras
and plexiglass barriers between workstations
and adopt other precautionary measures.
Redesign and readjustments are not an easy
task, and it requires a ready budget to cover
costs. With Crest Hill Capital’s cash advance,
you need not worry about these costs as you
will have timely finances to make these changes
and keep your team safe.

7. 2. Turning Towards Technology
With social distancing in place, most industries
are turning towards technology. Successful
companies are identifying ways to make use of
digital tools such as augmented reality,
autonomous robots, and digital simulations.
Some companies have begun training their
engineers and operators to operate new
equipment, which was traditionally handled by
instructors who would travel to remote sites.

8. 3. Find Alternative Sourcing Strategies
As a business owner, you may have seen a
disruption in supply and demand up and down
the chain. Many manufacturers who depended
on other countries for parts now need to look
locally or at other markets. It’s time to evaluate
the impact of COVID-19 on your business and
identify the changes you need to make to your
processes and workflow.

9. 4. Addressing Liquidity Challenges
The U.S. has seen a decline in large purchases,
and many are still fearful of losing their jobs.
Many auto stores and dealerships are
concerned that the pandemic may trigger events
such as long-lived asset impairments,
restructuring actions, or liquidity issues. To
address liquidity challenges, you need to
analyze your cash-flow statement and check
whether you have real-time visibility for funding.

10. The COVID-19 crisis will eventually end, and
there is no doubt that the automotive industry
will emerge with a whole new perspective. An
industry that once worked globally may now
have to consider local production networks and
reduce its global dependency.

11. Business models may need to be changed to
streamline existing processes and bring in
digitalization. The current crisis demands that
we become more prepared, break old habits,
and experiment with new ways of doing things.
However, the good news is that with Crest Hill
Capital, your financial situation is in safe hands.