What s Behind the Stunning Spike in Used Vehicle Auction Prices? That Consumers Aren t on Buyers Strike Shows Something Big about Inflation Has Changed | Wolf Street

When you talk to dealers that came back from auctions to buy vehicles to replenish their inventories, they tell you with an exasperated voice about prices being bid up to ridiculous levels, particularly on trucks. But they re in the business of buying and selling vehicles, and they have to replenish their inventory, and so they re buying, and in order to buy, they have to bid up prices, and they re planning to pass those ridiculous prices plus adequate profits on to their customers.

And in a big change with past practice, the astute American consumer that haggled and shopped to get the best deal has not been resisting the price increases that started last year but has been paying them.

via wolfstreet.com