The seasonally adjusted annual rate is estimated to be near 36.2 million, down from last August’s 40.8 million level and below July’s revised 38.3 million pace.
The report, based on Cox’s analysis of Motor Intelligence data, reported 211,609 CPO sales in August.
U.S. auto dealers see market weakness driven by inflation, economic anxiety, and tight inventory.
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.
Recent data points to more auto borrowers struggling to keep up with loans, but default rates remain below pre-pandemic levels.
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.
New-vehicle sales were up slightly in July from June but remain low at a 13.3 million seasonally adjusted rate of sales.
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.
Over the last two weeks, Manheim Market Report prices saw higher-than-normal but decelerating declines.
One-quarter of Americans say they will consider an electric vehicle for their next vehicle.
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