At the height of the coronavirus pandemic in mid-April, used-car dealer Alex Tovstanovsky had vehicles jammed six rows deep on his lot in the western Chicago suburb of Naperville.
Alex Tovstanovsky, owner of used-car dealer Prestige Motor Works, checks on depleted inventory with his general manager Ryan Caton after sales jumped in May following two down months because of the coronavirus disease pandemic in Naperville, Illinois, U.S. May 28, 2020. Picture taken May 28, 2020. REUTERS/Nick CareyDespite plummeting sales at his store, Prestige Motor Works, Tovstanovsky was betting on a recovery, buying dozens of cars in early April as auction prices for used vehicles dropped.
“We actually have an issue now, which is that we don’t have enough inventory,” said George Arison, co-CEO of online used-car seller Shift. Shift’s sales rebounded to pre-COVID-19 levels by late April. According to Cox unit Manheim, wholesale used-vehicle prices rose 5.74% in the first half of May from the previous month.
“I’ve seen a lot of downpayments this month of exactly $1,200,” said Scott Allen, owner of Auto Land in Fort Worth, Texas, which sells older used vehicles. After being closed for nearly a month from March 23, Allen’s sales in May were up 55% over his average for that month.
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