01/09/2024
However, they’re still around 33 percent higher than they were before the pandemic at the end of 2019
January 14, 2024 at 16:04
The wholesale value of secondhand vehicles was down 7.0 percent at the end of 2023, which was a sharper decline than analysts predicted. That means that used vehicle prices are down nearly 21 percent, as compared to their pandemic peak in December 2021.
The final two weeks of 2023, in particular, saw above-average declines in the three-year-old used vehicle market, and over the course of December, average prices dropped by 1.4 percent. By comparison, before the pandemic…
05/07/2024
From the March/April 2024 issue of Car and Driver.
Ernest “Ernie” Garcia III had a dream. Armed with a degree from Stanford and a $100 million investment courtesy of his father, Ernest Garcia II—the billionaire behind DriveTime, a major used-car dealership chain—Garcia III was uniquely well situated to give his audacious vision a shot. In 2012, he cofounded Carvana, an e-commerce platform for selling used cars. He hoped one day it would become the Amazon of secondhand-car sales, an online operation where you might buy a pre-owned vehicle with no in-store visit, hard sell, or haggling and have the new-to-you…