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Article: Dealers hunt for used cars; Prices keep rising as supplies tumble.(NEWS)
- Article from:
- Automotive News
- Article date:
- September 21, 2009
- Author:
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Arlena Sawyers
For the first time in decades, new-car dealers are pounding the pavement in search of used cars to sell. They're critically short of stock at a time when used-car customers have begun to stream onto their lots.
With new-vehicle sales down so much, dealers will take in almost 4 million fewer used vehicles this year, says Paul Taylor, chief economist for the National Automobile Dealers Association.
"I haven't had a problem getting used cars for a long time, says Mike Stedem, who has stores in Florida and Louisiana. "Now it's a problem getting anything. Even average vehicles are bringing stupid prices at auction.
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