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Article: CEO of Anglo American Auto Auctions to NADA members: 'In a down market, profit from quality, late model used cars.' (Michael J. Richardson, National Automobile Dealers' Association)
- Article from:
- PR Newswire
- Article date:
- February 13, 1990
CopyrightCOPYRIGHT 1990 PR Newswire Association LLC. 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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CEO OF ANGLO AMERICAN AUTO AUCTIONS TO NADA MEMBERS:
`IN A DOWN MARKET, PROFIT FROM QUALITY, LATE MODEL USED CARS'
LAS VEGAS, Feb. 13 /PRNewswire/ -- Quality, late model used cars are in demand and are bringing profit margins averaging 22 percent, and are therefore a sensible expansion area for new car dealers, said Michael J. Richardson, president and CEO of Anglo American Auto Auctions Inc., part of the world's largest vehicle auction group.
Highlights of Richardson's prepared statement for the 1990 NADA Convention include:
-- "Increased competition, rising prices and a slowing economy have caused new car sales to ...