Key automobile lender files for Chapter 11 bankruptcy

Used car dealers have faced a challenging market since the Covid-19 pandemic temporarily shut down the automobile manufacturing industry in 2020, which created a shortage of new cars and drove up prices. The new car industry's vehicle shortage and higher prices led car buyers, many of whom had received government stimulus payments, to instead seek pre-owned vehicles, which in turn created a shortage of used vehicles and also drove up those prices. When consumers' stimulus payments dried up, some of those ...