By Sam Boughedda
Investing.com — General Motors Company (NYSE:GM) announced Tuesday that it is launching CarBravo, an online used vehicle dealership.
The site is expected to launch in the spring, with GM saying it will give used vehicle customers access to an "expansive territory, an omnichannel shopping experience and exclusive ownership benefits."
As well as GM vehicles, the inventory will also include non-GM makes and models. CarBravo will see GM directly compete with companies such as Carvana Co (NYSE:CVNA) and CarMax (NYSE:KMX). With used cars making up a significant portion of vehicle sales, and more customers wanting to buy vehicles online, automakers are moving into the online market space. Ford announced the launch of its used car marketplace last year.
“CarBravo will give customers more choice and access to shop significantly expanded inventories of both the dealer and a national central stock of GM used vehicles. Importantly, the program features will also be offered on non-GM used vehicles,” said Steve Carlisle, GM executive vice president and president of GM North America.
“CarBravo is designed to provide customers the convenience to shop how they want, where they want – online, at the dealership or both," he added.
GM shares are up 0.3% Tuesday.