FROM THE NEW YORK TIMES: Half of the Cars Arriving at Dealers Are Already Sold, AutoNation Says
Despite a 20% dip in new vehicle sales last quarter, the country’s largest auto retailer saw a 14% revenue increase. Now, like many dealers, the group is having consumers pay deposits for new inventory before it ever arrives in-store.
FROM THE WALL STREET JOURNAL: Carvana Under Pressure as Pandemic Surge Slows
The traditional dealership alternative may not be the breakthrough business model the industry expected. The online retailer is struggling with profitability as once-favorable market factors begin to even out.
FROM AUTOREMARKETING: 7 Fastest-Selling Used Cars Last Month Were Alternative-Fuel Vehicles
Model scarcity and rising fuel prices might explain the high demand for last month’s fastest selling used vehicles. Many EVs and hybrids hitting the used market for the first time are selling within 30 days on lot.
FROM KELLEY BLUE BOOK: Average Used Car Price Drops
According to Kelley Blue Book, used vehicle prices were down over $500 last month. This would mark the first price decline in over a year, but is still well above January 2021 levels (+29%).
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