CPO Sales Continue Climb in February
Up both month-over-month and year-over-year in surprise turn.
Annual CPO sales fell 10% last year, and Cox forecasts an 11% fall this year to 2.2 million units, the weakest volume in 10 years, though it could revise that if upticks continue.
IMAGE: Pixabay/Fotorech
Certified preowned auto sales ticked up again in February, though Cox Automotive analysts still expect an annual drop again this year.
Month-over-month CPO sales rose about 2% for the month, Cox said, to end at nearly 206,000 units. That’s up 7.3% year-over-year.
“Our initial forecast was for CPO sales to fall a bit this year, but the numbers are not supporting that drop,” said Cox Senior Director of Economic and Industry Insights Charlie Chesbrough.
“CPO sales are up nearly 14%, meaning almost 50,000 more CPO units have been sold in the first two months of the year compared to the same time in 2022. With younger off-lease units in short supply, automakers are expanding their CPO programs to include older vehicles. As a result, the CPO sales pace so far this year is running hotter than expected.”
Toyota enjoyed the greatest CPO sales volume for the month among the biggest brands, while Honda and Hyundai posted the biggest year-over-year increases, followed by Ford.
Annual CPO sales fell 10% last year, and Cox forecasts an 11% fall this year to 2.2 million units, the weakest volume in 10 years. But looking at the sales pace for the first two months, Cox indicated it will take another look at its forecast at first quarter’s end to decide if an upward revision makes sense.
Originally posted on Auto Dealer Today
More Showroom
Affordable, Safe Cars for Teen Drivers
Families looking to balance affordability and safety in vehicles for their teen drivers can look to the updated list of recommended vehicles by IIHS and Consumer Reports.
Read More →
Auto Dealers Feel Better But Not Great
A second-quarter Cox Automotive poll of franchised retailers and independents found better views of the current market after a good spring but anticipation of third-quarter storminess.
Read More →
Holman Opens Porsche Dealership in Miami
The North Miami store features the brand’s signature Destination Porsche design concept, combining contemporary architecture and technology to create what the auto group calls an ultra-luxury experience.
Read More →
Chicago to Gain Cadillac Rooftop in 2027
The two-story Cadillac dealership is being constructed at the former Lincoln Yards site, owned and operated by Canada-based Jack Carter Auto Group.
Read More →
Mid-Atlantic Ford Store Has New Owner
A growing Maryland automotive group is only the 93-year-old dealership’s third owner after its longtime proprietors retired.
Read More →
Porsche Dealership Breaks Ground in Illinois
Barrington Porsche will be the new location for Murgado Automotive Group’s existing Porsche dealership currently in the Motor Werks of Barrington auto mall.
Read More →
Michigan Auto Group Acquires Ohio Rooftops
Feldman Automotive Group added two new brands, Honda and Toyota, to its portfolio with its latest acquisition of four Fireside dealerships in Ohio.
Read More →
California VW Dealers Go After Scout
The franchisees’ state-level actions follow a California auto dealers trade group lawsuit against the VW affiliate last year, both efforts to stop the EV maker’s plan to sell direct to consumers.
Read More →
EVs Gain Traction in Europe
First-quarter auto sales increased as more consumers took advantage of government incentives. Hybrid deliveries are leading the way on the electrifieds boom.
Read More →
California Holds EV Lead Despite Annual Decline
At nearly 14%, California had the lowest zero-emission vehicle market share in the first quarter since the fourth quarter of 2021, according to the California New Car Dealers Association.
Read More →