WASHINGTON, D.C. - Amid computer chip shortages and the resultant lack of new vehicles on the open marketplace consistently driving up the prices of used cars to astronomical levels for months now, reports indicate that July finally showed signs of this trend beginning to abate slightly, as price increases showed a distinct – albeit small – sign of finally slowing … [Read more...] about Used Cars Price Increases in May and July Show Small Signs of Slowing; Continued Strong Demand for EVs
Shift Technologies Announces All-Stock Merger with Used Vehicle Vendor CarLotz, Transition to Internet-Based Checkout
SAN FRANCISCO, CA - Shift Technologies, Inc. a leading end-to-end ecommerce platform for buying and selling used cars, announced Tuesday that they will be merging with CarLotz – a used vehicle consignment business – in an all-stock deal. The new company will continue to do business under the name of Shift Technologies, and will continue to trade on Nasdaq under the ticker … [Read more...] about Shift Technologies Announces All-Stock Merger with Used Vehicle Vendor CarLotz, Transition to Internet-Based Checkout
Despite Increased Sales, Online Auto Dealer Carvana Reports Near $1-Billion Loss Halfway Through 2022
WASHINGTON, D.C. - Carvana – an online used car retailer based in Tempe, Arizona known for its multi-story car vending machines – claimed to be taking a financial beating when they recently informed investors they have posted a loss of $945 million just six months into 2022. However, experts are finding these claims of financial distress on Carvana’s part confusing, … [Read more...] about Despite Increased Sales, Online Auto Dealer Carvana Reports Near $1-Billion Loss Halfway Through 2022
Europe’s Largest Auto Supplier Anticipates Vehicle Chip Shortage to Continue into 2023
WASHINGTON, D.C. - With COVID-19-driven supply chain issues causing a worldwide shortage of semiconductors – and, subsequently, a shortage of the new cars that depend upon them – the largest automotive supplier in all of Europe, Bosch, is anticipating that those shortages will continue into 2023, bottlenecking new car production even further, unfortunately. Chairman of … [Read more...] about Europe’s Largest Auto Supplier Anticipates Vehicle Chip Shortage to Continue into 2023
Used Car Market in Such Turmoil Chevy to Pay New Corvette Owners $5K Not to Sell
DETROIT, MI - In what is essentially a public relations program driven by skyrocketing prices on the used car market, Chevrolet – a division of automobile manufacturer General Motors – is currently offering owners of the newest model of its iconic Corvette sports car a cool $5,000 as an incentive to hang onto their rides an extra year instead of immediately flipping … [Read more...] about Used Car Market in Such Turmoil Chevy to Pay New Corvette Owners $5K Not to Sell