We expect car sales to hold up well relative to the number of cars on the road owing to the significantly faster (by 3.5X) replacement rate of shared vs private

We expect car sales to hold up well relative to the number of cars on the road owing to the significantly faster (by 3.5X) replacement rate of shared vs private cars," noted Goldman Sachs. "This difference in velocity is due to the higher utilization of shared (23k annual miles) vs. private cars (5.9k). But that single shared car presumably will replace several private cars, as more and more people give up car ownership for ride-sharing. It's hard to see how that's a positive development for carmakers, as they sell fewer and fewer vehicles that are driven more and more. In the long run, once the ridesharing balance stabilizes I'm sure they'll be fine, but in the short term, a significant sales decline seems inevitable.