All articles tagged with #vehicle affordability
Originally Published 13 days ago — by The Detroit News
A disagreement has arisen between Sen. Ted Cruz and the Detroit Three automakers over their attendance at a January Senate hearing on vehicle affordability, which would be the first joint testimony of Detroit CEOs since 2008.
Originally Published 1 year ago — by CNBC
CarMax reported a 33% drop in first-quarter profit due to lower margins and affordability challenges in the used-vehicle market, with net income falling to $152.4 million. The company cited inflation, higher interest rates, and tightened lending standards as ongoing headwinds, despite some improvement in used-vehicle retail sales in May.
Originally Published 2 years ago — by Yahoo Finance
CarMax reported a better-than-expected Q1 revenue, but CEO William Nash said vehicle affordability remains a challenge due to high interest rates and low consumer confidence. The used-car retailer has cut expenses by pausing some hiring and halting share buybacks to battle a "used-vehicle recession". Unit sales of used vehicles fell 9.6% with average selling prices dropping 5.5% YoY. Despite exceeding low investor expectations, pricing and volume trends are likely to remain difficult under a "higher for longer" interest rate scenario, according to CFRA Research analyst Garrett Nelson.