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Regional Used Car Dealer Winding Down its Business

A few charts to kick us off:

If you’re looking at those two charts and concluding that things don’t look so great in terms of used car value and price, well, ding ding ding, give yourself a pat on the back.

But you need to rewind farther back into ‘22. Before the environment softened, used car dealerships suffered from the other extreme: a pandemic-induced reduction in car availability due to supply chain and other manufacturing bottlenecks, sky high used car prices that enticed new entrants into the space, and competitive auction dynamics that squeezed margins.