🗓📈 Yesterday we wrote about new car sales volume is up for the year. Today CarMax says the used car business is not doing so hot. Or is it just them?
😨👀 Cox Automotive seems to agree. Consumer sentiment is lowering amid prolonged inventory shortages, inflation, and rising new/used costs.
💤📉 The change of outlook led to some slumping in the markets. GM and Ford saw a 5% value drop while dealer groups like AutoNation INC, Lithia, and Group 1 Automotive all saw dips up top 10%.
👎👍 CarMax’s CEO says consumers make tough decisions and prioritize their money a little differently. Which has been the story for some time, leaving us to wonder when stability will return to the average American household and how long it will need to persist in encouraging consumers to return to regular spending.
TL; DR - Tesla says their Chinese sales are aok, and you should mind your business. Carvana should mind its business, but, like, in a ‘get things in order’ kinda way, and the used car business is seeing an influx of exotic cars as Crypto investors face a time “between prosperity.”