Year-over-year CPO business fell 4.2% to 214,684 vehicles, Cox said. That was down 6% month-over-month.

CPO sales so far this year are still up 6% over 2022.

“April CPO sales took it on the chin compared to March, but the pace was healthier than either January or February,” said Chris Frey, senior manager of Economic and Industry Insights at Cox Automotive. “The current year-to-date sales pace of 213,000 is about 7,500 better than last year, but it’s also down by 21,000 from the pre-pandemic monthly average.”

Overall retail used-vehicle sales were an estimated 1.6 million in April, Cox said, down 1.2% year-over-year.

“Higher interest rates and the looming concerns of a recession likely contributed to the CPO sales decline, with buyers pulling back from last month,” Frey said. 

Toyota sold the most CPOs for the month among large carmakers, and Chevrolet had the steepest sales drop, while Hyundai had the biggest year-over-year percentage gain, Cox said.

DIG DEEPER: Used-Vehicle Prices Stay Elevated