Transportation
Carvana CEO Sees Used Car Sales Improving on New Vehicle Glut
- Garcia says major automakers are already boosting incentives
- Used car retailer’s shares have more than doubled this year
A worker loads vehicles at a Carvana vending machine location in Uniondale, New York.
Photographer: Angus Mordant/BloombergThis article is for subscribers only.
Carvana Co. expects used car sales to benefit from early signs of a potential glut in new vehicles, Chief Executive Officer 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.