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Next year, Amazon will allow car dealers to sell cars on its site, starting with South Korean automaker Hyundai, the company announced Thursday.
The company has been slowly establishing itself in the car-buying industry over the years, launching virtual showrooms that allow buyers to search and compare vehicles, but without buying them directly through Amazon. Consumers can also purchase automotive products, such as spare parts, through their parent company
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 using their preferred payment and financing method. The company said the new feature will “create another way for distributors to promote 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 EV startups like Rivian have developed solutions in many states to sell cars online to consumers. These come with the start of sales in states that do not prohibit the practice or taking legal action to fight such laws, as they have done in Michigan.
There is less stringent legislation in place regarding the sale of used vehicles, which makes it less difficult for corporations like Carvana and others to sell used cars and trucks online to consumers.
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