Retail

The surge in used car prices may finally be ending

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The scorching used car market is showing signs of slowing down, according to an executive at one of the top auto retailers in the U.S.

“New car inventories are going to get better progressively over the next few months as we get to the end of the year,” Jeff Dyke, president of Sonic Automotive, said on CNBC’s “Worldwide Exchange” on Friday. “As that happens, it’s going to alleviate the amount of inventory issues that is happening on the pre-owned side.”

The average transaction price for a used car was $25,410 in the second quarter of 2021, up from $22,977 in the first quarter and 21% year-over-year, according to data from online automotive resource Edmunds. That figure marks the highest…



Source cnbc.com

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