GM’s CarBravo site will collect vehicles owned by Chevrolet, Buick and GMC dealers, as well as cars and trucks that GM Financial controls, after withdrawing them from rental car agencies or vehicle leases.
see photosGM officials said the company’s dealers have about 400,000 used vehicles in stock.
General Motors Co. said it will launch an online used vehicle marketplace called CarBravo that will allow the automaker and its dealers to challenge Carvana Co, CarMax Inc and others who profit from selling second-hand vehicles.
GM’s CarBravo site will aggregate vehicles owned by Chevrolet, Buick and GMC dealers, as well as cars and trucks that GM Financial, the automaker’s consumer finance arm, controls after being withdrawn from rental car agencies or vehicle leases. . GM officials said the company’s dealers have about 400,000 used vehicles in stock.
GM said the CarBravo will launch to consumers this spring.
About 40 million used vehicles are sold annually in the United States, which is more than twice the number of new cars and trucks. Auto manufacturers are largely stripped of the profits from those sales, as well as the opportunity to sell recurring revenue services such as customer information and satellite radio subscriptions.
The lack of new inventory in the face of supply-chain constraints has caused the price of used cars to skyrocket during the pandemic.
GM said the CarBravo will launch to consumers this spring.
Online used-car marketplace Carvana, with a market value of $34 billion, filled the e-commerce space abandoned by automakers and most traditional dealers, allowing consumers to shop and buy a wide range of used vehicles from multiple brands. Found a way to get them. Home delivery purchase. Now, GM is joining auto retail chains like AutoNation to counter Carvana, whose shares have fallen nearly 50% from their 52-week highs.
GM’s head of North American operations Steve Carlisle said Tuesday that the Carbravo could outpace the Carvana due to the supply of vehicles controlled by GM and its dealers.
“We think we stack up very well against anyone else out there,” Carlisle said.
Carvana did not directly address GM’s move in a statement Tuesday, but emphasized that it kept “a leader in online car buying” and bought and sold more than one million vehicles.
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“While we’re still learning from GM about the newly announced service, what they’ve decided to do is difficult,” CarMax chief marketing officer Jim Liskey said in a statement.
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