Used Cars

Kimberly Redmond | |

Used car prices will likely remain high until automakers can fix production issues stemming from the ongoing global chip shortage, according to Carvana Co (NYSE: CVNA) chief executive officer Ernie Garcia.

During an appearance Friday on CNBC, Garcia said while sales volume for used cars “is pretty consistent with 2019,” there are “so many fewer new cars being manufactured and that’s pushing prices up.”

AP News | |

For months, anyone who wandered onto a dealer lot to look for a used car could be forgiven for doing a double take — and then wandering right off the lot.

Prices had rocketed more than 40% from their levels just before the viral pandemic struck, to an average of nearly $25,000. The supply of vehicles had shrunk. And any hope of negotiating on price? Good luck with that.

Kimberly Redmond | |

Cazoo Holdings Limited, an online UK-based used car seller, has agreed to go public on the New York Stock Exchange through a merger with Ajax I, billionaire investor Daniel Och’s special purpose acquisition company (SPAC).

The deal announced Monday with AJAX I values Cazoo at $7 billion including debt, nearly 2.7x more than the $2.6 billion valuation achieved in its private funding round last fall.