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
New-Vehicle Prices Stay Put
Affordability pressures and model availability shaped new-vehicle sales in September, according to an analysis by Kelley Blue Book.
Read More →
EV Buyer Consideration Shifts
What drives American consumers to purchase an electric vehicle is shifting as the question moves away from Should I?' to 'Which features and experience do I want to have?'
Read More →
Auto Nameplate Loyalty Holds in Tough Times
Consumers have been faithful to brands despite financial pressures, and JD Power says that’s because automakers have made some wise moves.
Read More →
Top New Jersey RV Store Sells
Myer’s RV Superstore is expanding its footprint in the state with two new locations that it acquired from Ed Hutchinson Jr.
Read More →
Alliance Analyzes Technician Pipeline
A new industry report examines the state of skilled trades in the U.S. and details the drivers of demand for automotive repair and how technicians enter and grow in the workforce.
Read More →
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 →