David Hult on used car market
From Car valuations have declined but won't reach '19 levels due to lack of supply, says Asbury's Hult · · CNBC Television
“We anticipate a further decline in pricing; at some point it will stabilize and probably won't get back to '19 levels simply because of the lack of the supply in the market.”
On , David Hult, President, Chief Executive Officer & Director at ASBURY AUTOMOTIVE GROUP INC, spoke about used car market during Car valuations have declined but won't reach '19 levels due to lack of supply, says Asbury's Hult on CNBC Television.
About David Hult
David Hult, CEO of Asbury Automotive Group, discussed the new and used car markets in a September 2023 interview. He stated that new car demand remains but is cooling, and that used car valuations have declined and are expected to decline further, though he said they will likely not return to 2019 levels due to a lack of supply. Hult attributed the supply shortage to factors such as reduced trade-ins from low new car inventory and aging fleet vehicles, and he predicted the used car market would stabilize. Hult expressed concerns about the electric vehicle market, noting that while demand for luxury EVs has been strong, he anticipates challenges over the next 18-24 months as up to 90 new EV models enter the market. He cited insufficient charging infrastructure as a key issue, stating that there are not enough chargers to sustain an increased fleet. Hult also said that during economic downturns, consumer spending on parts and services tends to remain high, and he expected Asbury to perform relatively well through 2023.