This article was originally published on TipRanks.com
General Motors (GM) has strengthened its prospects in the used car market. The automaker has unveiled CarBravo, an online marketplace that will make it easier for people to shop for used vehicles, both online and through dealers. GM shares rose 0.64% to close at $61.46 on January 11.
General Motors is a U.S. company that designs, manufactures, and sells cars, trucks, and automobile parts. General Motors’ earnings report for Q4 2021 is scheduled for February 01, 2022.
CarBravo is the new marketplace that will offer round-the-clock access to an expansive inventory of used cars and an omnichannel shopping experience. Customers will also be able to shop for non-GM-used vehicles.
The used vehicles marketplace leverages General Motors’ new digital retail platform DRP to offer a seamless shopping experience. Shoppers can expect a user-friendly interface with clear dealer pricing and vehicle history reports.
General Motors has also confirmed that all vehicles listed will be inspected and reconditioned before listing. Standard warranty coverage on all cars is on offer on all vehicles, including ownership benefits such as roadside service and courtesy transportation.
With CarBravo, General Motors hopes to challenge Carvana on the sale of used vehicles across the U.S.
Last week, Credit Suisse analyst Dan Levy reiterated the Buy rating on GM stock with a $75 price target, implying 22.03% upside potential to current levels. According to the analyst, the unveiling of the Silverado EV marks an important milestone in the company’s push to become a key player in the electric vehicle space.
Consensus among analysts is a Strong Buy based on 13 Buys and 3 Holds. The average General Motors price target of $76.00 implies 23.66% upside potential to current levels.
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