Dear ABPA Members,
With what is going on in the world, I am sure that your lives have been turned upside down. I know mine has; I consider myself a social person and the era of social distancing has really been difficult for me and my family. Negativity in the news, crashing stock markets, and general anxiety doesn’t help any of us either.
Also not helping is the fact that most ABPA members’ businesses have suffered a steep decline and that it happened fast. No one could have seen this coming in February when many were having a great first quarter. In this temporary era of stay at home orders and people telecommuting, no cars on the roads equals less accidents.
During this time, the ABPA has been working to put relevant information under a special “Covid-19” section on our website. We started with trying to determine if ABPA members were considered essential and have now shifted towards guiding our members to US Government SBA loan information.
Have you applied for an SBA Loan yet? In most cases, a typical ABPA member would qualify for the SBA Paycheck Protection Program (PPP Loan) and can apply with any SBA approved financial institution. Please verify this with a professional accountant or CPA. If you have not investigated the SBA PPP program, I would encourage you to research your options on the links posted on our website. From what I hear from members, there is much confusion with many lenders on how to process the loans and some members have expressed to me that they may be switching banks when this time period passes!
On a positive note, ABPA members may be best prepared when the supply chain demand heats up again (and it will). Those who import directly from Taiwan had containers on the water when the pandemic hit the US. With the temporary decline in business, many are potentially overstocked with inventory. Taiwan manufacturers are open for business and are still producing quality parts. At the same time, body shops are reporting a rise in their inability to purchase OE parts. According to a recent CollisionWeek article that surveyed body shops on 3/31, nearly half (48.6%) of shops had supply chain issues with OE parts vs 31.4% with aftermarket parts.
On our end, the ABPA has continued to represent our members. We have a dedicated Board of Directors and a wide range of active subcommittees. Whether it is on a state level, federal level, or in the courts – the ABPA will continue to be there for you and your business.
In closing, I want to let all ABPA members know that we are here to help in any way we can. Whether it is for market insight, general advice or to share your story – we would like to hear from you. I encourage all members to contact me directly at 800-323-5832 or at email@example.com should they feel the need. Thank you for being an ABPA member and I hope to see many of you in Newport Beach this Fall!
Executive Director, ABPA