Used car dealer Jetcon is now trying to sell solar equipment, as their core business is taking a beating from the economy.

Q2 has been rough for Jetcon! The revenues fell 27%.  Same time last year, they earned $251 million.  This year, it’s down to $184 million – and they’re operating at an $8 million net LOSS. 

The company even had to sell 10 vehicles from their electric vehicle fleet at a steep discount. According to the financial report, the vehicles were bleeding value and had to go. 

Jetcon said if they had sold the cars at market value, they would have made a profit of $4.2 million, instead of an $8 million loss. So that should give you an idea of just how far below value they sold them for.  How come I never hear about these deals before time though?

According to our Analysts, that’s just the way the game is right now.

Plus, we also have to consider that the used car market is oversaturated.

So now the company has pivoted to selling solar equipment as a way to keep steady cash coming into the business. And solar is a good move, especially now, with record high temperatures and more people looking to get off JPS’s grid. 

Now, the stock’s price has been pretty much unaffected by this news so far. It’s been trading around the one dollar five cents range for the past three months. Jetcon shares don’t really trade in high volumes so there haven’t been large swings in the price.

We’ll have to wait and see if the company’s new strategy pays off.

And that’s the bottom line.