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Charles Murry and Henry S. Schneider

1 intRoduction a little over 16 million new cars and light trucks were sold in the us in 2014, nearly all through manufacturer-franchised dealerships. nearly as many used cars also sold through franchised dealerships, and 26 million additional used cars changed hands through independent used-car dealers and private individuals. in total, the value of new and used vehicles transacted in the us in 2014 approached one trillion dollars. 1 in this chapter, we describe the institutions and economics of new-and used-car retailing. the aim is to provide a resource for researchers interested in the automobile market. 2 We start by describing the institutions of car retailing. We then discuss several economic principles that are most relevant for car retailing. We organize these principles under three headings:

● store locations. We cover agglomeration, which is an important aspect of …