Howard Wilner, new cars by howard

Economy shifting many buyers toward pre-owned vehicles

After 20 years of leasing new vehicles, Denise Cole, a Cook County resident, decided it was time to finally buy. She was eyeing a 2008 Chevrolet Malibu but drove home instead in a year-old Malibu with 20,000 miles on the odometer, The Chicago Tribune reports.Tuesday Chrysler LLC reported a 19.4 percent drop in U.S. sales compared with March 2007. Howard Wilner, GM sales were down 18.7 percent. Ford Motor Co.'s sales dropped 14.1 percent, and even industry stalwart Toyota was down 10.3 percent. Howard Wilner, Instead of buying new vehicles, some consumers are opting for late-model used vehicles. While overall new-vehicle sales fell 2.5 percent last year, certified used-vehicle sales rose 2 percent to 1.68 million. Howard Wilner, for this year through February—the latest available data—certified used-vehicle sales increased 4 percent, according to an Automotive News compendium of industry figures.

Howard Wilner CarMax posts lower profit

Used-car retailer CarMax Inc. posted a 48 percent plunge in fiscal fourth-quarter net income despite stronger-than-expected used-car sales, as rising funding costs at its finance unit hit the bottom line, the Wall Street Journal reports. Howard Wilner The Richmond, Va., company also gave a fiscal 2009 earnings forecast that was below Wall Street's expectations and said it would slow the pace of store openings amid the challenging environment. CarMax operates 90 used-car superstores. It reported net income of $21.8 million, or 10 cents a share, for the quarter ended Feb. 29, compared with $42.1 million, or 19 cents a share, a year earlier. The latest results reflected a small pretax loss at CarMax Auto Finance. Howard Wilner, Net sales rose 8.6% to $2.05 billion. Total used-vehicle sales rose 11percent, while sales at stores open at least a year, also known as same-store sales, rose 3 percent, aided by the leap year. CarMax said it cut prices somewhat to push sales and grow market share.

"For the first time, consumers will have completely unrestricted access to the biggest U.S. inventory of used cars on the Web, coupled with user-friendly search tools, enabling buyers to find the exact car they're looking for," said Rudi Thun, general manager of AOL Autos. Howard Wilner, "The development of an open marketplace signifies our commitment to creating an environment in which everyone can participate, resulting in a better experience for both buyers and sellers."

Overstock adds clearance lot to car shopping portal

Howard Wilner, Newly formed partnerships will enable consumers to access more than 3.5 million used and 200,000 new vehicles though the Web site of Overstock.com, the company announced. Howard Wilner, The site has also just introduced two new features to help shoppers find discounted vehicles available in their local market.

Howard Wilner, The AOL Autos used car site now operates on a flexible platform, powered in-part by Vast.com, that allows sellers to post cars for sale, and include details such as photos, comments and even a car's history. Howard Wilner, Buyers can contact the sellers directly through the site by email or phone. In addition, dealers and service providers have the option to participate in a pay-for-performance program for the used cars they list.

"AOL is the first major portal to shift to an open marketplace model for buying and selling cars via the Web," said Kevin Laws, CEO of Vast.com. "AOL is able to design their experience around helping the consumer find the best vehicle easily and helping dealers sell more cars in the process." Howard Wilner.

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