Along with new light-vehicle sales last year, certified preowned vehicle sales slumped in 2022 at 2.48 million, according to preliminary Motor Intelligence data provided to Auto Remarketing.
The approximately 10% decrease is based on partial sales reports from brands, not all of which have released annual numbers.
Multiple brands actually saw CPO sales increases. Ford’s were up 3.4% year-over-year, the publication reported. Hyundai’s jumped 23%, sparked by a 129% spike in Genesis deliveries, and Kia’s rose 10%.
The publication indicated that CPO sales did have a late-year upswing, with estimated year-over-year December sales up nearly 21%, following November’s 9.5% increase.
CPO sales have been a bright spot in the industry as tight new-vehicle inventories and high sticker prices shifted some consumers to the used-car market. But the National Automobile Dealers Association reports that used-vehicle sales are forecasted to continue falling this year as that market returns to a more normal, prepandemic level.
Originally posted on Auto Dealer Today