Used-Car Sellers Not Running Out of Gas Just Yet

Used-Car Sellers Not Running Out of Gas Just Yet
·2 min read

Last year, used-car retailers were on a roll, fueled by new-vehicle shortages, low interest rates and a strong consumer. CarMax the largest such retailer in the U.S., reported on Friday that its total revenue grew 21% in the quarter ended May 31 compared with a year earlier—higher than the 18% increase analysts polled by Visible Alpha were expecting. The boost in revenue was mostly thanks to higher prices: While CarMax sold 11% fewer used cars, consumers had to shell out $6,311 more per vehicle on average, a 28% increase from a year earlier.