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According to Cars.com, one of the biggest challenges shoppers face is a dwindling used car inventory that declines year over year by 1.2% overall. As of 2024, there were just 11.4 million used ...
With used-car inventories likely to remain crimped for the foreseeable future, Chesbrough doesn't expect prices to ever fall back to near their pre-pandemic levels
In 2011, two years after launching a similar service for new vehicles, the company launched a used car inventory search tool, allowing users to compare vehicles in their market. [12] Edmunds.com launched its first TV advertising campaign in select markets in 2012, before expanding nationally in 2013. [13]
While CarMax stores focus on marketing used vehicles, the company acquired its first new car franchise with Chrysler Corporation in 1996. [4] By 1999, it added new vehicle franchises for Mitsubishi Motors, Toyota, and Nissan. [5] In late 2021, CarMax sold its last new vehicle dealership, located in Kenosha, Wisconsin, to the Rydell Company. [6]
The company's initial funding round came from the used car retailer and finance company DriveTime. [4] A year later Carvana opened its first iteration of a car vending machine. In 2015, a fully automated, commemorative coin-operated version of the signature car vending machine opened in Nashville, Tennessee. [5]
For those attentively following the frustrating and overpriced used car market over the past two years, something had to give. According to Manheim, wholesale used car prices saw a "large decline ...
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