economy

Bargain-conscious Americans lift used-car sales in the coronavirus economy

By Nick Carey

NAPERVILLE, Ill. (Reuters) – At the height of the coronavirus pandemic in mid-April, used-car dealer Alex Tovstanovsky had vehicles jammed six rows deep on his lot in the western Chicago suburb of Naperville.

But the seeming oversupply was not a mistake.

Despite plummeting sales at his store, Prestige Motor Works, Tovstanovsky was betting on a recovery, buying dozens of cars in early April as auction prices for used vehicles dropped.

That bet is now paying off. Tovstanovsky can offer cars cheaper than local competitors and his sales jumped 38% in May versus May 2019.

“This is an election year and I felt the Trump administration and the Republicans in Congress would do whatever it took to keep the economy strong,” Tovstanovsky said.

Rising demand has now pushed used-vehicle prices about 20% higher than when Tovstanovsky made his bet.

“I just wish I’d bought more cars when prices

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Mexico’s president revs up car industry, and wider economy

By Anthony Esposito, Daina Beth Solomon and Sharay Angulo

MEXICO CITY, May 13 (Reuters) – President Andres Manuel Lopez Obrador will lay out a roadmap on Wednesday for Mexico to re-open its economy, with a focus on the automotive sector whose supply chains are closely interwoven with U.S. carmakers.

The U.S. government and automotive companies have called on Mexico to reopen factories serving the U.S. market, despite the Latin American nation still dealing with a rising number of infections from the coronavirus pandemic. Mexico on Tuesday registered 353 coronavirus deaths in its most lethal day yet.

Mexico sends 80% of its exports to the U.S. and became the United States’ biggest trade partner last year, with bilateral commerce worth over $600 billion.

Lopez Obrador has been eager to get Mexico’s businesses firing again amid forecasts the economy could contract by as much as 10% in 2020, plunging the country into

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