Tuesday, January 24, 2012

wheels of fortune: a vicious cycle in the used-car business

A Growing Empire: Buy Here Pay Here Dealers

In October, 2011, The Los Angeles Times ran a three-part series on the predatory used-car industry that recycles, over-priced, often shoddy vehicles within the poor community through a process characterized by high interest rates and repossession. While such operations have long been found in low-income areas, the industry now is being marketed nationally through such chains as J.D. Byrider, and is being financed by Wall Street investors. Be sure to see related interactive, Cash Car, that outlines this recycling process. Also, includes series of videos, detailing relevant topics such as Wall Street involvement.

A shout-out goes to Karen Sternheimer for bringing this site to my attention. See her incisive comments about this piece and problems with urban transportation in general at her Cars and Class.

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