Carvana CEO Sees Used Car Sales Improving on New Vehicle Glut – Bloomberg Law

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-rte-company state=”{“_id”:”0000018f-789f-de3b-adcf-fabf7e860000″,”_type”:”00000160-4b23-d8bd-adfd-4b3348fd0000″}”>Carvana Co. expects used car sales to benefit from early signs of a potential glut in new vehicles, Chief Executive Officer -bsp-person state=”{“_id”:”0000018f-789f-de3b-adcf-fabf7e860001″,”_type”:”00000160-6f41-dae1-adf0-6ff519590003″}”>Ernest Garcia III said Tuesday.

“There will likely be much more car production and that will probably bode well” for the online used-car retailer, Garcia told reporters at an Automotive Press Association event outside Detroit.

Garcia noted that major automakers are already boosting incentives in the US and offloading more new cars to fleet buyers like rental companies to relieve pressure from their dealers’ growing inventories.

Ernest Garcia III

Photographer: Michael Nagle/Bloomberg

Average industry new car inventories in the US at the end of …

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