What Happened
GM launched a website called CarBravo, which offers customers access to an expansive inventory of used vehicles, along with an omnichannel shopping experience and exclusive ownership benefits.“CarBravo will give customers more choice and access to shop significantly expanded inventories of both the dealer and a national central stock of GM used vehicles,” said Steve Carlisle, GM executive vice president and president of GM North America, “CarBravo is designed to provide customers the convenience to shop how they want, where they want – online, at the dealership or both.”
The project will be direct competition to established online used vehicle retailers like Carvana Co and Carmax Inc.
“We think we stack up pretty well against anyone else out there,” Carlisle said. GM’s CarBravo will also feature non-GM used vehicles, he noted.
Why It Matters
Used car prices have been appreciating faster than the stock market and some cryptocurrencies. Used car prices have soared more than 20 percent in the past four months. The average price of a used vehicle is now $27,569, a 27 percent increase from the same time last year, according to Kelley Blue Book.“Used vehicles are a significant part of our business,” said Todd Ingersoll, dealer principal of Ingersoll Auto in Danbury, Connecticut, whose dealership participated in the CarBravo pilot. “We are excited to join GM in exceeding our customers’ expectations and continuing to provide a world-class experience.”
