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The world's largest retailer is taking a test drive in the used-car business, according to the Associated Press.
Wal-Mart Stores Inc. will lease property next to five of its stores in the Houston area to a Connecticut-based car sales company for six months, Wal-Mart spokesman Jay Allen said April 23.
Allen said Wal-Mart and Asbury Automotive Inc. will evaluate the program and decide where to go. Wal-Mart's only involvement will be to lease the property and help Asbury Automotive develop the program.
Paul Taylor, chief economist with the National Automobile Dealers Association (NADA) in McLean,
Va., said the partnership comes at a time when used-car sales are on the rise. "The used-car business is very active," Taylor said. "Three record years of new-car sales have placed a lot of relatively new used cars into the marketplace ... It's likely that they're [Asbury] looking at the attractiveness of high traffic through the Wal-Mart locations."
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