EVOLVE Used car prices to stay high until automakers can fix production issues: Carvana CEO

KEY POINTS
  • Semiconductor chip shortages have led automakers including Ford and General Motors to cut production of vehicles this year.
  • The shortage of new vehicles has added pricing pressure in the used car market.
  • Carvana CEO Ernie Garcia says those prices will not start to fall until manufacturers can figure out their supply chain issues.
  • The average transaction price for a used car was $25,410 in the second quarter of 2021, up 21% year-over-year, the highest average price for a pre-owned vehicle that Edmunds has ever tracked.

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