General Motors has filed to trademark CarBravo, GM Authority has uncovered. The filing may be used for a new website or possibly even a used car dealership that includes all makes and models.
Filed on July 19th, 2021 with the United States Patent and Trademark Office (USPTO), the application is assigned serial number 90835552. With regard to the Goods and Services category, the application lists “Automobile dealerships in the field of pre-owned motor vehicles of all makes and models.”
As GM Authority has covered extensively in the past, the used vehicle market has experienced skyrocketing prices, driven primarily by rising demand stemming from the COVID-19 pandemic, as well as dwindling supply for new vehicles stemming from the ongoing global microchip shortage.
As a result of these factors, the average transaction price (ATP) for used vehicles has gone through the roof. According to one recent report from Cox Automotive, the ATP for used vehicles hit $25,101 at the end of June, rising from $24,414 the month prior. That’s a substantial 26-percent increase in ATP year-over-year, and a 29-percent increase since 2019.
An analysis from online automotive information company Edmunds echoes the Cox Automotive findings. Edmunds recently reported that the ATP for used vehicles in Q2 of the 2021 calendar year was up to $25,410, the highest-ever quarterly used ATP on record for Edmunds. Once again, that’s a substantial increase compared to previous ATP figures, with used vehicle ATP in the second quarter of the 2020 calendar year set at $20,942, and used vehicle ATP from the first quarter of the 2021 calendar year at $22,977.
General Motors’ captive finance arm, GM Financial, recently announced that it was stopping end-of-lease purchases for non-GM dealers. Effective July 1st, participating General Motors dealers are given priority with regard to access to leased GM vehicles reentering the market, thus shoring up inventory amidst high demand.