Franchised Dealers Realize Big Gains in Used Sales, CNW Reports
BANDON, Ore. — While used-car sales were up nearly 11 percent in May vs. April, they were barely 100 units higher than the same month a year ago, CNW Research reported yesterday.
Franchised dealers realized a 4.3% gain vs. last year, accounting for 1.610 million units of the estimated 4.391 million used vehicles sold last month. Sales at independent operations were up 3.4% from a year ago, with sales totaling 1.418 million units. Private party sales fell nearly 8% from a year ago to 1.363 million units.
“With the mix of inventory increasingly leaning toward newer and more expensive models, franchised dealers saw their average transaction price jump 25.5% vs. a year ago to $15,467,” noted CNW’s Art Spinella. “Independent dealers, on the other hand, took a major hit, with average transaction prices slipping more than 4.6% [to $6,883].
The average transaction price for private party sales was $7,519, an 8.3% increase from a year ago.
The total value of all used-car sales in May reached nearly $45 billion, up about 15 percent vs. a year ago and last month.
Buy-here, pay-here dealers realized a 20.9% increase in sales, according to Spinella. He also noted that sales to sub-550 FICO score customers increased more than 9% vs. one year ago to 734,165 units.
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