Year-over-year CPO business fell 4.2% to 214,684 vehicles, Cox said. That was down 6% month-over-month.
CPO sales so far this year are still up 6% over 2022.
CPO Sales Down in April
Interest rate hikes, other economic pressures, probably led to decline, Cox says.
May 18, 2023
CPO sales so far this year are still up 6% over 2022.
IMAGE: Pixabay/ArtisticOperations
1 min to read
“April CPO sales took it on the chin compared to March, but the pace was healthier than either January or February,” said Chris Frey, senior manager of Economic and Industry Insights at Cox Automotive. “The current year-to-date sales pace of 213,000 is about 7,500 better than last year, but it’s also down by 21,000 from the pre-pandemic monthly average.”
Overall retail used-vehicle sales were an estimated 1.6 million in April, Cox said, down 1.2% year-over-year.
“Higher interest rates and the looming concerns of a recession likely contributed to the CPO sales decline, with buyers pulling back from last month,” Frey said.
Toyota sold the most CPOs for the month among large carmakers, and Chevrolet had the steepest sales drop, while Hyundai had the biggest year-over-year percentage gain, Cox said.
DIG DEEPER: Used-Vehicle Prices Stay Elevated
Topics:Showroom
Originally posted on Auto Dealer Today
More Showroom
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 →
Will Extended-Range Autos Make Inroads?
EREVs, also known as ‘series hybrids,’ may catch on in the U.S., where they currently have barely a toehold, as automakers tilt away from some purely electric models and consumers crave more range.
Read More →
Electrifieds Lead EU New-Vehicle Sales
Hybrids in particular lead not only EV market share but all power trains on the continent so far this year as gas and diesel continue their decline.
Read More →
Hyundai Expands North American Footprint
Building on a previously announced $26 billion U.S. investment, Hyundai said it will grow its North American lineup and U.S.-based production and parts sourcing.
Read More →
Afeela EV Brand Fails to Leave the Factory
Sony-Honda venture cancels two planned models, the first of which had been pegged for a mid-2026 California delivery debut. The brand’s direct sales had been challenged by the state’s auto dealers, but the venture cites Honda’s EV retreat.
Read More →
Used-Vehicle Sales Jump in February
Softening prices, rising credit availability and higher tax refunds could be behind February’s sales pace rise and accompanying dip in inventory, according to Cox Automotive.
Read More →
Black Book: Weekly Market Update
The wholesale automotive market fared remarkably well given the U.S.-Israel war on Iran, Black Book analysts reported.
Read More →