AutoNation Inc., one of the biggest car dealership chains in the U.S., expects prices for new and used cars to decline this year as manufacturers crank up volumes and offer more incentives to price-sensitive buyers.
The company, which pivoted to selling more used cars than new during the pandemic as chip shortages sapped inventory, has been bracing for lower car prices as auto production recovers.
Chief Executive Officer Mike Manley expects the seasonally adjusted annual rate of light-vehicle sales to be close to 15 million this year, up from 13.7 million in 2022.
