Soaring used vehicle prices haven’t cooled demand


Demand for used cars remains strong even though the price of preowned vehicles has soared throughout the Covid pandemic, Group 1 Automotive CEO Earl Hesterberg told CNBC on Thursday.

Hesterberg said on “The Exchange” that Group 1 has largely been able to raise sticker prices to offset higher acquisition costs because there are customers willing to buy them. It helped the company achieve record profitability in 2021.

Despite Group 1’s ability to successfully protect its margins, Hesterberg suggested there may be a point at which demand cools.

“I don’t know that we can do that indefinitely, and we move them pretty quickly,” he said. “Normally we have only about a 30-day supply of used…


0 0 votes
Article Rating

Sustainable aviation fuel costs more but consumers willing to pay: IATA

Previous article

SpaceX’s Starship is solution to efficient space travel

Next article

You may also like

Notify of
Inline Feedbacks
View all comments

More in Autos