Used Sales Surge
March volume highest in two years as consumers bargain shop.
Used retail sales rose about 19% month-over-month and 11% year-over-year to 1.66 million.
IMAGE: Pixabay/andreas
Used-vehicle sales jumped in March to their highest volume in two years, days’ supply falling sharply from 53 to 44.
A confluence of factors drove up sales – spring shopping season, tax returns, price drops and affordability pressure from high interest rates – moving consumers to opt for used in many cases, Cox Automotive said.
Used retail sales rose about 19% month-over-month and 11% year-over-year to 1.66 million, their highest level since March 2022, Cox said. That’s still lower than the 1.95 million average of 2019 to 2022.
Certified preowned sales alone were also up by 1% year-over-year to nearly 232,000, a 10% month-over-month bump. Year-to-date CPO sales are also up 1% year-over-year.
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 →