The global microchip shortage is still greatly impacting both the new and used vehicle markets, with the nation recently seeing some of its highest prices on record. According to data released by Edmunds, a website that tracks vehicle prices, the average transaction price (ATP) for used vehicles during this year’s second quarter increased to $25,410, which marks the highest quarterly used ATP Edmunds has recorded. During the first quarter, the used vehicle market saw an ATP of $22,977; the ATP during the second quarter of 20202 was $20,942. Microchips are the component that allows the function of numerous computer-controlled equipment in a vehicle, such as airbags, touchscreens, engines, and more, making them vital to the manufacturing of any vehicle. The chip shortage resulted from the pandemic, where in March and April of 2020, many American automakers were forced to stop production due to stay-at-home orders. Auto manufacturers subsequently cancelled orders for microchips under the belief that vehicle sales would plummet. Factories reopened eight weeks later—much faster than expected—but by then, chip manufacturers had  begun making chips for personal electronics …