CPO Sales Soar 10% in First Quarter
Dealer strategy shifts are bearing fruit, finds Cox Automotive's most recent report.
The monthly average CPO sales volume is up nearly 7,000 units versus 2022’s monthly average.
Tom Fisk
CPO sales are soaring in 2023. In fact, they're up 10%, or nearly 59,000 units, over the first three months of 2022, finds Cox Automotive's CPO sales report.
Cox says CPO sales finished 2022 at 2.47 million units, a decline of nearly 280,000 units, or 10.2% from 2021 CPO sales.
According to Chris Frey, senior manager of economic and industry insights, “CPO sales have seen a pop to start the year compared to 2022. The monthly average sales volume of 212,000 is up nearly 7,000 units versus last year’s monthly average. As we’re clawing our way back to pre-pandemic levels, shifts in strategies for CPO may be bearing fruit. While we don’t have full visibility into what age and mileage constitute total sales, expanding the pool of eligible vehicles could be a boon to the CPO market.”
According to Cox,Toyota had the highest CPO sales volume in March. Hyundai had the largest year-over-year percentage gains, while Honda saw the largest decline.
Originally posted on Auto Dealer Today
More Showroom
Year-to-Date Auto Sales Holding Their Own
A forecast through August shows that automakers have shifted strategies to keep deliveries and revenues up despite tariffs and other economic challenges.
Read More →
Slow to Robo
Ten years of polling consumers shows autonomous vehicles’ profiles have risen considerably, but even more people now want at least some level of control if they go that route.
Read More →
Dealers a Little Down
A third-quarter Cox Automotive survey finds them in a mixed mood, bummed by fallen customer traffic but encouraged by better profits, costs and EV interest.
Read More →
European EV Sales Skyrocket
The EV market on the continent held strong in July with almost 25% of new-car sales being fully electric units, a stark contrast to the U.S., where EV sales declined about 42%.
Read More →
Mitsubishi Unveils U.S. Plan
The automaker announced a strategy that includes an expanded lineup and dealership presence, along with more ‘rugged’ and electric models.
Read More →
Used Lots Getting the Business
Many consumers are seeking out the units to save money, and the demand – higher in July than normal – is keeping supply limited and prices up.
Read More →
Used Market Stabilizes
The Carfax Used Car Index noted a major drop in used-vehicle price increases in July after several months of hikes.
Read More →
California Hybrids Reach State Record
The Golden State still leads the country in electric-vehicle registrations, but much like the rest of the U.S. its hybrid market share is up while full electrics stabilize after a dramatic first-quarter dip.
Read More →
My Mercedes in the U.S.
The German brand debuted its studio dealership concept for the first time in the states in Los Angeles, tapping Americans’ penchant for creative distinctions.
Read More →
Used Sales Hit Summer Drag
The vacation season, combined with high prices, has dented deliveries and added to inventories, though supply is still slim enough to keep listings elevated.
Read More →