Many automotive dealerships, such as BMW, sell low mileage late model used cars (often cars that were initially leased for 1-3 years) with warranties on defects and repairs that offer more coverage for longer periods of time than the warranties on their brand new cars. Explain the rationale for this practice using the concept of asymmetric information. Include in your explanation a discussion of who benefits from these extended warranties. Is there any group of individuals or firms who are hurt?