Q&A: AutoNation CEO sees vehicle prices moderating this year

Prices of new and used automobiles are staggeringly high

DETROIT -- Prices of new and used automobiles are staggeringly high, and that's partly responsible for strong earnings last year by AutoNation, the country's largest dealership group.

Mike Manley, CEO of the Fort Lauderdale, Florida, company, said used-vehicle prices are starting to ease a bit, but he doesn't think new-vehicle supplies will improve much until the second half of this year.

New vehicles are scarce and prices are high because a global computer-chip shortage has forced all automakers to limit production.

Manley, whose appointment was announced in September, previously was head of the Americas region for Stellantis, formerly Fiat Chrysler.