Used-Vehicle Sales Land Just Short of 42 Million Units, CNW Reports
The industry sold 3.284 million used cars in December and 42 million units for the year. Driving those totals were increases in below-prime auto loan approvals, as finance sources continued to relax their guidelines.
BANDON, Ore. — CNW Research reported late last week that used-car sales closed 2013 a smidge under 42 million units, with franchised dealers account for 37% of that total. Independents accounted for 34.6% of total used-vehicle sales, while private party accounted for 28.4%.
In December, sales of used cars totaled 3.284 million units, up 4.2 percent from November and up 6 percent from a year ago. Total value of those sales was $30.8 billion.
Additionally, CNW reported that the average transaction price in December was $9.370, down a third of a percent from November. Sales, however, were 4.2 percent ahead of December 2012.
“Increasing inventory of one-to-five-year-old models resulted in vehicle of that age jumping to 24.54% of all sales in December, up from 24% in November and 22.86% a year ago,” CNW’s Art Spinella noted. “Passenger cars continued their slide as a share of total sales, as consumers looked for crossovers, SUVs and pickups.”
The number of financed united came in at 8% vs. a year ago, with those obtaining a preapproved loan up nearly 19%. Subprime approvals on used vehicles surged 23% from a year ago. On a month-over-month basis, subprime approvals were up 10.5% vs. November. Deep subprime swelled nearly 17% to more than 19% of all used sales.
Sales of used GM, Ford and Chrysler products jumped 9.75%, accounting for 60% of used sales in December. Asian brands accounted for 34.3% of sales in month (up from 1.88% vs. a year ago), while European makes slid 25% vs. a year ago to 5.6% of sales.
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