Online used car sellers fall as Amazon expands into the market in deal with Hertz

Online used car sellers Carvana and CarMax are sinking on Wednesday, seemingly on the rule that when Amazon becomes interested in your industry, your future gets bleak.

On Wednesday, the tech giant partnered with Hertz to sell the rental company’s used vehicles on its Amazon Autos platform. The program is starting in four US cities, but the companies plan to expand it. Hertz shares spiked in premarket trading, but fellow online used car sellers like Carvana, CarMax, and rental agency Avis, which sells its cars itself after they’re done being rentals, all sank.

In its latest earnings report, Hertz said it had a fleet of more than 540,000 vehicles. Carvana sold more than 143,000 vehicles in its second quarter, and has a lofty goal to sell 3 million vehicles annually in 5 to 10 years. If Amazon continues to expand into the used car business, that may become even tougher.

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