Used Sales Surge
May deliveries hit two-year-plus high as volume trims a little off supply.
Sales were also up in the certified preowned segment, though it's flat year-to-date.
Pexels
Used retail vehicle sales jumped in May to the strongest volume in more than two years.
The 16% surge to 1.6 million units, reflected in both month-over-month and year-over-year comparisons, was seen for franchised and independent dealers, Cox Automotive said.
It ate into inventory, which fell from 48 days to 45' worth to 2.26 million units, though that's up 3% year-over-year. Consequently, the average listing price rose, still by less than 1% to $25,670, which is down 6% year-over-year.
The volume was the peak for the year so far and the highest level for any month since March 2022 during the height of that year’s tax refund season, said Cox, which pointed out that this spring’s selling period hasn’t turned any heads.
Sales were also up in the certified preowned segment of used deliveries by about 3% year-over-year and 8% month-over-month to nearly 226,000 units. CPO sales, though, are flat year-to-date.
DIG DEEPER: Auto Credit Access Stable
Originally posted on Auto Dealer Today
More Industry
Luxury Rooftop Changes Hands
Genesis of Glenview is getting a new owner and a new location, but its name will stay the same.
Read More →
Future-Proof Your Business
A new industry outlook details several ways that automotive companies can use the rise in artificial intelligence and advanced technologies to their advantage.
Read More →
Dealership Buy-Sells Keep Going Up
First-half transactions reflect continued high appetite for acquisitions despite falling profits, the most sought-after franchises bringing record prices.
Read More →
California Makes Electric Moves
New laws in the Golden State aim to advance consumer access to public electric-vehicle chargers and reduce costs and barriers to its infrastructure.
Read More →
Rare Earths Independence
Automakers seek alternatives to sourcing battery raw materials in volatile markets roiled by trade wars and disrupted supply chains.
Read More →
Volvo Appoints President and CEO
Klaus Zellmer will replace Håkan Samuelsson as president and CEO of Volvo Cars in 2027 as the company makes strategic shifts toward profitability and cash generation.
Read More →
Fix Up Your Fixed Ops
The department may hold untapped potential for your dealership. This issue of the magazine shares ways to unearth it and turn it around for more profits.
Read More →
Easier EV Charging Touted
Wireless charging pad provides automatic powering by just parking, says its maker, which sees a cable-free charger future as global EV demand grows.
Read More →
Vehicle Ownership Costs Rising
Fuel prices, car prices and depreciation are all factors for new vehicles, and this year’s average annual numbers are up with the inclusion of electrics and hybrids.
Read More →
Toyota Tops Longevity List
Toyota, Lexus, Honda and Acura came out on top in iSeeCars’ latest longest-lasting car brand study, all eclipsing the overall average chance of reaching 250,000 miles.
Read More →