C.J. Moore

The retailer said its store leases, inventory and related assets in Richmond, Va.; Charlottesville, Va.; and Tampa, Fla., will "be assumed by a local dealership group." It did not disclose the name of the group.

Jonathan Banks, vice president of used-vehicle valuations at J.D. Power, said at the NADA Show in Dallas that even with declining prices, the used-vehicle market will remain profitable.

Dealers are increasingly worried about the possibility of recession even as improving inventory levels have them more optimistic about the new-vehicle business in 2023. 

Many dealers say high retail prices and rising interest rates create a one-two punch that will further discourage consumers concerned about affordability and potentially shut more of them out of the used-vehicle market.

Mini told dealers at their make meeting Saturday that inventory will be more consistent in the coming months, now that the parts supply shortages and logistics challenges the brand dealt with last year are smoothing out.

ADESA President John Hammer will exit the company less than nine months after its U.S. operations were acquired by online used-vehicle retailer Carvana Co.

The state twice suspended the online used-vehicle retailer's license over motor vehicle registrations and titling issues.

Dealers are readying their sales and service operations to handle the influx of used EVs that will eventually arrive on their lots, but for now a big challenge for many of them is a shortage of inventory.

Carvana is free to sell its vehicles to Michigan residents via its website, though those cars and trucks will have to be retitled to Michigan, and it will be left up to buyers to do that work.

The number of used cars and trucks sold in the U.S. decreased nearly 11 percent to an estimated 36.2 million vehicles in 2022, Cox said.

The Michigan Carvana outlet will surrender its license in lieu of state regulators taking further administrative action. Carvana can keep delivering vehicles purchased through its website to Michigan residents at its Michigan locations.

Wholesale used-vehicle prices ticked up in December to cap off a year in which there were several consecutive monthly declines.

Spokespersons for CarMax, Carvana and Vroom said there are currently no plans to air company advertisements during the game.

From the evolution of digital retailing to a focus on data security, here's what's on the horizon for auto retail this year.