CarMax Business Services, LLC, AutoNation, Inc., and LITHIA MOTORS, INC. Dominated the Global Used Car Market in the Year 2020.

Global Used Car Market is expected to grow with the CAGR of 6.4 % in the forecast period of 2021 to 2028. The years considered for study are as mentioned below.

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Global used car market is a highly fragmented market, which includes a number of key players as well as local players. The market has witnessed increased strategic developments owing to favorable market scenario.

The major players dealing in the global used car market are introducing strong range of product portfolio. This helps the companies to maximize their sales with enhanced product portfolio.

For instance,

  • In June 2021, Lithia Motors, Inc. had announced the acquisition of  Subaru in the south west region. The company is getting closer to its goal of delivering and servicing consumer vehicles within a 100-mile radius anywhere in the country by expanding into new markets such as Mobile and expanding offerings in prime markets such as greater Seattle.
  • In November 2020, AUTONATION, INC. had Supported U.S. military personnel with free vehicle sanitization from coast. U.S. military personnel are encouraged to visit any AutoNation location for a free Clorox Total 360 sanitization treatment for their personal vehicle.
  • In December 2019, Group1 Automotive, Inc. had announced the expansion of its business presence in the New Mexico market with the acquisition of two Lexus dealerships.
  • In June 2021, HELLMAN & FRIEDMAN LLC had announced the completion of its acquisition with Enverus. This data analytics and SaaS technology firm that provides market-leading software and analytics solutions for organizations had reached a critical milestone with the completion of this deal

Used Car Market CarMax Business Services, LLC

The Company was incorporated in 1996 and it’s headquarter is located in the U.S. The Company is focused on providing high integrating car buying experience to the customers. Its product categories as well as business segments include used vehicle and, whole sale vehicle In which the market focused category is used vehicle.

  • In April 2021, CarMax Business Services, LLC had announced the acquisition of Edmunds to deliver an enhanced digital experience to the users. The company had invested $50 million in Edmunds to acquire a minority stake. Following that investment, CARMAX BUSINESS SERVICES, LLC and Edmunds had collaborated to create a number of strategic initiatives, including a successful online instant offer for used car sellers. With this, the company was able to develop advanced innovative products in the market.

The company offers services in all over the U.S.

LITHIA MOTORS, INC.

The company was founded in 1968 and its headquarter is located in the U.S. The Company offers all types of new and used cars to the market. Its business segments include new vehicle retail, used vehicle retail, finance and insurance, and services in which market focused category is used vehicle.

  • In June 2021, Lithia Motors, Inc. had announced the acquisition of  Subaru in the south west region. The company is getting closer to its goal of delivering and servicing consumer vehicles within a 100-mile radius anywhere in the country by expanding into new markets such as Mobile and expanding offerings in prime markets such as greater Seattle.
  • In October 2020, Lithia Motors, Inc. was recognized as the ‘Best Dealerships to Work For in 2020' by Automotive News in 2020. Automotive News has partnered with Best Companies Group for the ninth year to identify dealerships that have excelled in creating quality workplaces.

The Company has presence across the U.S.