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The report, based on Cox’s analysis of Motor Intelligence data, reported 211,609 CPO sales in August.
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U.S. auto dealers see market weakness driven by inflation, economic anxiety, and tight inventory.
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Highly successful Upside Direct weekend event sales have delivered significant value to sellers while giving buyers access to even more inventory to bid on and buy.
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Recent data points to more auto borrowers struggling to keep up with loans, but default rates remain below pre-pandemic levels.
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Year to date, the total used market is currently on pace to finish the year down more than 12% from the 40.6 million recorded in 2021.
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New-vehicle sales were up slightly in July from June but remain low at a 13.3 million seasonally adjusted rate of sales.
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July U.S. auto sales are expected to show very little change from June’s results as a lack of supply continues to batter the new-vehicle market.
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Over the last two weeks, Manheim Market Report prices saw higher-than-normal but decelerating declines.
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One-quarter of Americans say they will consider an electric vehicle for their next vehicle.
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Auto industry inventory levels sat between 1 million and 1.1 million vehicles for the sixth consecutive month in June, according to Cox Automotive.
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