BANDON, Ore. — CNW Research reported late last week that used-car sales closed 2013 a smidge under 42 million units, with franchised dealers account for 37% of that total. Independents accounted for 34.6% of total used-vehicle sales, while private party accounted for 28.4%.
In December, sales of used cars totaled 3.284 million units, up 4.2 percent from November and up 6 percent from a year ago. Total value of those sales was $30.8 billion.
Additionally, CNW reported that the average transaction price in December was $9.370, down a third of a percent from November. Sales, however, were 4.2 percent ahead of December 2012.
“Increasing inventory of one-to-five-year-old models resulted in vehicle of that age jumping to 24.54% of all sales in December, up from 24% in November and 22.86% a year ago,” CNW’s Art Spinella noted. “Passenger cars continued their slide as a share of total sales, as consumers looked for crossovers, SUVs and pickups.”
The number of financed united came in at 8% vs. a year ago, with those obtaining a preapproved loan up nearly 19%. Subprime approvals on used vehicles surged 23% from a year ago. On a month-over-month basis, subprime approvals were up 10.5% vs. November. Deep subprime swelled nearly 17% to more than 19% of all used sales.
Sales of used GM, Ford and Chrysler products jumped 9.75%, accounting for 60% of used sales in December. Asian brands accounted for 34.3% of sales in month (up from 1.88% vs. a year ago), while European makes slid 25% vs. a year ago to 5.6% of sales.