IBUY - Carvana Expects Surge In Used Car Demand On New Vehicle Oversupply | Benzinga
Online used car retailer Carvana Co (NYSE:CVNA) anticipates a surge in used car sales amid a potential oversupply of new vehicles, according to Chief Executive Officer Ernest Garcia III.
Speaking at an event hosted by the Automotive Press Association near Detroit, Garcia stated that increased car production by major automakers is likely to benefit the online used-car retailer, reported Bloomberg.
Garcia highlighted automakers’ efforts to mitigate swelling inventories by offering incentives and directing more new cars to fleet purchasers like rental companies.
According to Deutsche Bank AG (NYSE:DB), average new car inventories in ...