03:37 PM EDT, 05/14/2024 (MT Newswires) -- Carvana ( CVNA ) expects sales in used cars to get a boost from a potential glut in new vehicles in the US, Bloomberg reported Tuesday.

In remarks at an Automotive Press Association event, Carvana ( CVNA ) Chief Executive Ernest Garcia III said "there will likely be much more car production and that will probably bode well" for the online used-car retailer, the report said.

Citing Deutsche Bank data, the report said average industry new car inventories in the US at the end of April climbed to 50 days' worth of supply, two days more than in March and 17 days higher than a year ago.

Carvana ( CVNA ) did not immediately reply to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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