Used Market Strong in October
Sales defy extreme weather and newer models pumping up prices.
Used days’ supply as October closed stood at 45, down by three days from September.
Pexels/Obi Onyeador
Used-vehicle sales jumped in October, even with strong hurricane activity dampening business in some areas.
Cox Automotive numbers put monthly used retail transactions up 7% over September sales and by 12% year-over-year to 1.4 million units among franchise and independent dealers.
In fact, volume reached its highest point for the month of October in three years, said Senior Analyst Scott Vanner.
Certified preowned deliveries led the way with an 11% month-month-over jump to more than 203,000 units, though that was still down about 2% from last October. Cox blamed scarcity of off-lease and trade-in vehicles, though it stuck to its forecast for 2.6 million CPO sales for the year.
Used days’ supply as the month closed stood at 45, down by three days from September. Inventory was up about 1% month-over-month to some 2.2 million units, though that’s down 6% from a year earlier.
Used-vehicle listing prices were down 4% from last October but about flat month-over-month to an average of $25,499 as a wave of 2024 models joined the mix, said Cox, which pointed out that prices have nevertheless been lower year-to-date than last year.
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