Economy
Fayetteville Regional generates millions Page 21
July 23 - August 12, 2021 Vol. 1, No. 5
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WEB EXCLUSIVE Government
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Hospitality
Use this insider's guide to local farmer's markets Page 12
Technology
725-acre solar project operational Page 17
DAVID KENNARD/GREATER FAYETTEVILLE BUSINESS JOURNAL
Index
Economic Indicators............................... 3 From the Publisher ................................. 4 Calendar ................................................ 5 Achievers ............................................... 6 Military Business .................................11 Technology .............................. 15, 16, 17 Biz Leads .............................................18 Hospitality ...........................................23
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Countryside Auto Sales in Hope Mills was down to one vehicle on its already limited lot on July 15. Other used car lots have said the demand for previously owned vehicles is pushing prices higher.
IN DEMAND REGION’S USED VEHICLE PRICES CLIMBING
SELLERS STRUGGLE TO KEEP UP WITH BUYER DEMAND BY MICHAEL FUTCH he high demand for second-hand cars in today’s market forced long-time used car dealer Terry W. Smith to rethink his business plan. Most likely, those looking for a sweet deal on a used vehicle will come away sadly disappointed: The used car market has been called “absurdly and unprecedentedly hot right now.” Experts are attributing the reopening of the nation’s economy coupled with lingering pandemic
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shortages as driving resales to their highest prices in years. Citing the global marketing information service J.D. Power, CBS News reported that used car prices rose to an average of nearly $25,500 in April. “That’s the highest price ever recorded by the research firm, which began tracking used vehicle sales in the early 1980s,” the news organization said. “That price is up $3,650 — nearly 17 percent — since the beginning of 2021.” As a result, Smith decided to
recalibrate and retool his business at Countryside Auto Sales in Hope Mills. “I have changed my business plan by buying automobiles and offering them at a better rate or better sale price than a new car dealer. I went to specialty order vehicles. I’ve been doing this for 26 years,” he said of selling used cars and trucks from his Main Street lot. “I go get it for them and sell them at a better price than a franchise dealership.” Smith said he sells a newer used See CARS, page 21