‘Strength in numbers’ helps Milford used car dealers thrive

‘Strength in numbers’ helps Milford used car dealers thrive

“The used car market has been strong, but not as strong as it has been in recent years,” said Damien Regan, owner and operator of DealerTown Auto Wholesalers. “It was a bad year for us.”

Regan said what influenced her the most was high interest rates and the availability of cars.

“So it wasn’t a bad year, but it wasn’t as good a year as it has been in the past,” he said. “We get our cars through trade-ins, and most new car dealers keep those trade-ins, so there’s not much for the used car dealers to buy.”

Chip Rubenstein, owner of Chip’s Auto Sales, also cited the impact of higher interest rates on the used car market.

“Many customers have not yet understood that,” he says. “If the home mortgage rate approaches or exceeds 7 percent, a used car installment loan will always be that or higher. It’s just an economic factor.”

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