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Bargain-hungry buyers to help Carsales ride out the recession

Carsales’s boss Cameron McIntyre says the online vehicle classifieds group can ride out a recession, with used cars still a big drawcard for consumers looking for bargains in tough economic times.

“For me the reason why is because we live in a large country, there are substantial distances for you to travel from home to work and you need a car. But in tough times you may decide you’ll take $20,000 of equity out of your car,” he told The Age and the Herald.

Online classifieds group Carsales says there are signs of an improvement in vehicle sales.

Online classifieds group Carsales says there are signs of an improvement in vehicle sales.Credit:Joe Armao

“When that happens we still benefit from the trade because there’s a flow, so whenever there’s a buy and a sell it benefits us,” he said.

Meanwhile, the easing of COVID-19 restrictions has seen traffic pick up at Carsales’s platform, with advertised vehicles selling at a quicker pace. According to Carsales, the uptick was on the back of more first-time buyers entering the market and households looking to pick up an extra vehicle to avoid public transport.

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