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Passive: General Motors Is Creating An Online Used Car Marketplace

General Motors is creating an online used car marketplace to generate passive income. This new site will be called CarBravo, Due to the ongoing global chip shortage, most car manufacturers are now making fewer economy cars. This decision means automakers rather use those precious chips to produce high-end vehicles that will yield higher margins.

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Hence the reason General Motors is investing in a used car marketplace as most individuals turn to this segment. The automaker is already enlisting dealers to be part of the site it would be launching in “Spring 2022” according to its press release.

Unlike its dealership program for new vehicles, this new site would allow individuals to shop directly without a dealership. Also, other non-GM used vehicles will be available for sale on the used car marketplace site.

General Motors CEO Mary Barra announced at the CES 2022 event that the American automaker will be making electric versions of its Chevy Equinox and Blazer SUVs. The company already makes the Chevy Bolt EV, EUV, Hummer EV Pickup and SUV.

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She suggests that the price of the Chevy Equinox EV might start at $30,000 to speed up Americans adoption of electric cars. While fossil use cars are still cheaper than their electric counterparts, prices for EVs have been falling until last year.

The rising global chip shortage, supply issues and battery costs have dented the gains made by electric vehicles in the past decade. Even the federal and state electric vehicle incentives are dwindling down, making electric vehicle purchase an eyesore.

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General Motors is looking to be the biggest auto manufacturers of electric cars in the United States. The company plans to steal the crown from Tesla, which recently delivered close to a million vehicles in 2021.

Electric vehicles are a cheaper mode of transportation in the long run and also with lower costs of maintenance. All car manufacturers will have to commit to producing more electric vehicles to reduce global carbon emissions.

This new strategy by General Motors will enable it to compete equally with other direct-to-consumer brands like Tesla and Rivian. How well it will compete with other Used car marketplace sites such as Vroom and Carvana will unveil in the coming months.



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