Watch CNBC's full interview with Group 1 Automotive CEO Earl Hesterberg

Earl Hesterberg, CEO and president of Group 1 Automotive, joins CNBC's 'Squawk Box' to break down the high prices for used cars in 2021. Hesterberg explains why demand for used cars is still 'extremely' strong to kick off 2022 and what that means for auto prices. "Perhaps used car prices won't go up any higher, but they're not likely to come down in the first half of the year," Hesterberg tells CNBC.