Amazon will allow auto dealers to sell cars on its site, starting with Hyundai

Credit Cards

Loans

Banking

Mortgage

For sure

Credit Monitoring

Personal Finance

Small Business

Taxation

Help with low scores

Invest

SELECT

All Credit Cards

Find the credit card for you

Best Credit Cards

Credit Cards with Better Rewards

Best Travel Credit Cards

Best 0% TAP Credit Cards

Best Credit Cards for Balance Transfer

Best Cash Back Credit Cards

Best Welcome Bonuses for Credit Cards

Best Credit Cards for Building Credit

SELECT

All Loans

Find the private loan for you

Best Personal Loans

Best Debt Consolidation Loans

Best Loans to Refinance Credit Card Debt

Best Loans with Fast Funding

Best Small Personal Loans

Best Large Personal Loans

The best personal loans to apply for online

Best Student Loan Refinancing

SELECT

All Banking Services

Find the Savings Account for You

Best High Yield Savings Accounts

Best Big Bank Savings Accounts

The Best Checking Accounts of the Big Banks

Best Checking Accounts with No Fees

No Overdraft Fee Checking Accounts

Best Checking Account Bonuses

Best Money Market Accounts

Best CDs

Best Credit Unions

SELECT

All Mortgages

Best Mortgages

Best Mortgages for Small Down Payment

Best No Down Payment Mortgages

Best Mortgages with No Origination Fee

Best Mortgages for Average Credit Score

Adjustable Rate Mortgages

Accepting a Mortgage

SELECT

All Insurance

Better Insurance

Best Home Insurance

Best Renters Insurance

Best Car Insurance

Travel Insurance

SELECT

All Credit Monitoring

Best Credit Monitoring Services

Better Identity Theft Coverage

How to Boost Your Credit Score

Credit Repair Services

SELECT

All Personal Finance

Best Budgeting Apps

Best expense tracking apps

Best Apps for Transferring Money

Best Reseller Apps & Sites

Buy Now, Pay Later (BNPL) Apps

Better Debt Relief

SELECT

All Small Businesses

Best Small Business Savings Accounts

The best checking accounts for small businesses

Best Credit Cards for Small Businesses

Best Small Business Loans

Best Tax Software for Small Business

SELECT

All Taxes

The best tax software

The best tax software for small businesses

Tax Refunds

SELECT

Everything you want for low credit scores.

Best Credit Cards for Bad Credit

Best Personal Loans for Bad Credit

Best Debt Consolidation Loans for Bad Credit

Personal loans if you don’t have credit

Best Credit Cards for Building Credit

Personal Loans for 580 Credit Score or Lower

Personal loans with a score of 670 or lower

Best Mortgages for Bad Credit

Best Loans for Hardship

How to Increase Your Credit Score

SELECT

All Investments

Best IRA Accounts

Best Roth IRA Accounts

Best Investing Apps

Best Free Stock Trading Platforms

Best Robo-Advisors

Index Funds

Mutual Funds

AND F

Obligations

Amazon next year will allow auto dealers to sell cars through its site, starting with South Korean automaker Hyundai, the company said Thursday.

The company has slowly muscled its way into the car-buying business over the years, launching digital showrooms on its site for shoppers to research and compare vehicles, but not purchase them directly through Amazon. Consumers can also buy car products, such as replacement parts, through its site.

Starting in 2024, Amazon will allow buyers to buy a new car online and then pick it up or have it delivered through their local dealership. Consumers will be able to search for cars available in their area, make a variety, and then pay on Amazon for their preferred payment and financing method. The company said the new feature will “create another way for distributors to spread the word about their variety and offer convenience to their customers. “

Amazon CEO Andy Jassy said the partnership with Hyundai would replace “the ease with which consumers can buy cars online. “As part of the deal, Hyundai will also include Amazon’s Alexa voice assistant in its cars starting in 2025.

Shares of used car dealers such as Carmax and Carvana, as well as those of the nation’s largest publicly traded new car dealerships, Lithia Motors and AutoNation, fell after the announcement. Shares of those corporations closed between 5% and 6% on Thursday.

With this decision, buyers will be able to buy cars on Amazon, but the dealership will still be the final seller. Traditional automakers like Hyundai have complex relationships with dealerships that are backed, in many states, by legislation that makes it difficult, if not illegal, to go through franchised dealerships and sell new cars directly to consumers.

Tesla and other electric vehicle startups such as Rivian have developed workarounds in many states to sell vehicles directly online to consumers. They include originating the sale in states that don’t outlaw the practice, or taking legal action to fight such laws, as they have done in Michigan.

There are less stringent laws regarding used vehicle sales, which makes it easier for companies such as Carvana and others to sell preowned cars and trucks online directly to consumers.

Don’t miss the CNBC PRO ones:

Do you have confidential news? We are here to listen to you.

Receive this in your inbox and more information about our services.

Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

Data also by

Leave a Comment Cancel Reply