With new car sales being constrained by the global computer chip shortage, used car sales and pricing are skyrocketing, according to J.D. Power and the U.S. Labor Department.
As a result, AUL Corp of Napa, a national automotive warranty and service contract provider, recently reported record sales in the first half of 2021, a 44% increase over 2020.
“This increase in sales is due in large part to people wanting to protect what has changed from a depreciating asset to what is now an appreciating one, combined with the increasing complexity of today’s technology-focused vehicles,” explained Jimmy Atkinson, AUL’s President, and CEO.
“The resulting high prices for used cars and trucks are driving more owners and buyers to purchase coverage plans to ensure their vehicles stay on the road longer.”
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