The new digital integration expands and simplifies access to used vehicles for buyers and sellers.
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The financial risks and setbacks are piling up for the online used car retailer that gobbled up ADESA auctions last year in a deal wracked with massive debt.
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As the supply of new vehicles improves rapidly, demand and prices for used ones are declining.
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After volatile highs and lows during the last three years, the market should hit equilibrium in the second half of 2023.
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The total supply of unsold used vehicles on dealer lots, both franchised and independents, across the U.S. stood at 2.33 million units at the end of November, about 4% higher than a year ago.
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Higher interest rates are constraining affordability, and the number of potential buyers for used vehicles is declining when comparing 2022 to 2021.
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All eight major market segments again saw seasonally adjusted prices that were lower year over year last month, with compact cars showing the smallest decline.
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Rising interest rates are taking some potential buyers out of the market.
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Most loan types saw loosening in October, but certified pre-owned loans loosened the most month over month and year over year.
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Higher interest rates are likely hurting used-vehicle demand because consumers can’t afford the higher monthly payments.
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