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Chicago dealers like Napleton are enjoying sweet margins but also staring into an abyss. New car inventories are dwindling because of the national shortage of semiconductor chips that has slowed factory production. Dealers usually can count on automakers replacing all the vehicles they sell, but currently they’re getting only 20 to 25 percent replenishment. That has them scrambling to buy cars wherever they can get them at dealer auctions, from trade-ins or expiring leases. “Prices are going sky high,” says dealer Bill Haggerty, owner of Haggerty Buick and GMC in Villa Park. “It’s like buying the last gallon of milk at the grocery store. You’d pay more than it’s worth just to have it.” ....
Car dealers pay high prices for used cars as chip shortage and surging demand deplete inventory chicagobusiness.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from chicagobusiness.com Daily Mail and Mail on Sunday newspapers.