One of the most closely watched leading indicators of inflation on Wall Street has hit a record high, a sign that upward pressure on prices could last for months to come. The prices that dealers pay for used cars in the wholesale market jumped 5.3 percent from August to September, according to the Manheim Used Vehicle Value Index. It’s up 27.1 percent from last year. Used car prices have soared since the pandemic hit, when production snarls at automakers cut the supply of new vehicles as many Americans left urban centers for the suburbs, pushing up demand for personal vehicles.
Four dealership groups added stores in the mid-Atlantic, Midwest and New England in four transactions late in the third quarter and early in the fourth quarter. Here’s a look at the deals that involved import and domestic brands. One transaction involved a dealership group ranked on Automotive News‘ top 150 dealership groups based in the U.S. Sheehy grows in VirginiaSheehy Auto Stores of Fairfax, Va., has purchased import- and domestic-brand stores in Fredericksburg, Va., about an hour’s drive south of its headquarters. The Sheehy group, led by President Vince Sheehy, on Sept. 29 bought Ultimate Buick-GMC and Ultimate