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Used Lots Getting the Business
Many consumers are seeking out the units to save money, and the demand – higher in July than normal – is keeping supply limited and prices up.
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AE Magazine
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SEARCHMENUSEARCHMany consumers are seeking out the units to save money, and the demand – higher in July than normal – is keeping supply limited and prices up.
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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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Automakers have shifted to selling vehicles with better profit margins in the U.S. as supply chain shortages and shipping concerns dampen production.
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The market saw continued declines last week, with the overall rate of depreciation being consistent with what we have experienced over the last five weeks.
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The Estimated Average Weekly Sales Rate dropped to 60% last week.
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As used originations increase, credit unions reach nearly 26% total vehicle financing market share, the highest volume in five years.
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Tesla faces new competition as new electric vehicle manufacturers come onto the scene.
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The Estimated Average Weekly Sales Rate remains at 65%.
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The automaker’s new vehicle registrations grew 61% in the first half of the year to take the top spot among luxury automakers.
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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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According to Kelley Blue Book, new-vehicle buyers remain in an “over sticker” market, paying above MSRP every month this year.
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