Who are the used car buyers that are paying 20% more and getting bad financing terms? Are they selling a lot of cars to subprime buyers?
That's it - same old processes, but they have the UX to make it "nice."
And people are paying a premium for that.
Same model, year, trim and pretty close mileage are on Caravana, listed at $19k and $21k. So a 50% premium.
I, value 50% of the car's price and don't mind spending 3-6 hours to save $10,000~ but many people, simply have an old car, the mechanic says it needs a new engine, they have a shift working minimum wage-esque and go with the first option of visibility thinking it's a good deal.
Financially poor, financially ignorant and time poor.
The perfect American customer.