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My guess is that it has been going on for years — new-car dealers have been making more money on used cars than new. It has been the industry's great secret.
Online used-car retailer Carvana's first-quarter net loss widened to nearly $53 million, while revenue and vehicle sales both more than doubled to records.
Net income at KAR Auction Services, parent of ADESA auctions, jumped 30 percent in the first quarter largely on a sharp drop in income taxes.
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