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April 21 (Reuters) – AutoNation Inc (AN.N) and other brick-and-mortar auto dealerships in the United States turned shortages of new and used vehicles to profitable advantage in the first quarter, but the No. 1 U.S. auto retailer’s shares were volatile Thursday as analysts questioned the outlook for consumer demand.
During a conference call Thursday, analysts pressed AutoNation Chief Executive Mike Manley on whether consumer demand for new vehicles is slowing, and why AutoNation’s used car profit margins declined during the first quarter.
AutoNation shares were flat in early trading, after initially rising by 4.6% to $110.70 in premarket trading, then falling by nearly 5%.
Rising interest rates, high gas prices and
(ISeeCars) – Used car prices have risen 30.4 percent over last year as the microchip shortage continues to impact the automotive industry, according to iSeeCars.com’s latest used car price analysis of 1.8 million car sales in March. This is down from a 35.0 percent increase in February.
Used Car Price Increases by State
Are used car price increases consistent across the country? Here are the average used car price increases by state in ascending order:
|Used Car Price Increases by State: March 2022- iSeeCars|
|Rank||State||Year-Over-Year % Price Change||Year-Over-Year $ Price Change|
Car-dealership tycoon Herb Chambers has listed his Back Bay condo overlooking the the Boston Public Garden for sale for $18 million, the Wall Street Journal reported.
The roughly 3,300-square-foot home located at 220 Boylston St. at the Four Seasons Hotel and Residences features three bedrooms and a study. It was listed for sale on April 14 by agent Michael Carucci of Gibson Sotheby’s International Realty.
Chambers, who owns 59 car dealerships selling brands such as BMW, Mercedes Benz, Audi, Lexus and Porsche throughout New England, is worth an estimated $2 billion, according to Forbes. He’s made the media company’s billionaires list annually since 2018.
Chambers purchased the Boylston Street condo for $8.875M in 2016, city property records show. The property’s assessed value is $7.2 million. The renovated property consists of three consecutive homes, Boston.com reported.
Chambers is looking to sell the Boylston Street unit after buying a
The past few years in the automotive industry have been the rise of multiple trends. The growing importance of electric vehicles (EVs) and autonomous vehicles (AVs) has brought the industry back into the limelight. Hence, investors are often on the lookout for top automotive stocks in the stock market. Well, Tesla (NASDAQ: TSLA) recently set the tone for the industry as it announced its first-quarter financials. The company reported better-than-expected revenue and earnings across the board. These electrifying gains were also accompanied by a bold prediction by the company CEO, Elon Musk. He believes that Tesla’s vehicle production will exceed expectations this year despite supply-chain bottlenecks and disruptions in China.
With that said, other automotive giants are also stepping up their game. For instance, BMW (OTCMKTS: BMWYY) seems to be motivated to regain its crown