- June 26, 2021
- Posted by: Stratford Team
- Category: Business
Advance Auto Parts CEO and President Tom Greco weighs in on chip shortage and what it means for the auto industry.
Soaring used vehicle prices are set for a correction, according to CarMax CEO William Nash.
Conditions caused by COVID-19 boosted average used car prices by a couple thousand dollars and in some cases to above their original sticker prices.
Late-model used car prices are “bumping up against the new car” prices, Nash said on CarMax’s first-quarter earnings call on Friday. “I think we are getting close to that inflection point.”
USED CAR PRICES HIT RECORD HIGH ON MANHEIM WHOLESALE INDEX
Used car and truck prices in May surged 30% annually, boosted by a global chip shortage driving more customers into pre-owned vehicles and pent-up demand from consumers, many of whom had more cash to spend thanks to government stimulus measures.
Rental car companies, which are typically sellers of used vehicles, have turned into buyers due to their…
