Used Sales Surge
March volume highest in two years as consumers bargain shop.
Used retail sales rose about 19% month-over-month and 11% year-over-year to 1.66 million.
IMAGE: Pixabay/andreas
Used-vehicle sales jumped in March to their highest volume in two years, days’ supply falling sharply from 53 to 44.
A confluence of factors drove up sales – spring shopping season, tax returns, price drops and affordability pressure from high interest rates – moving consumers to opt for used in many cases, Cox Automotive said.
Used retail sales rose about 19% month-over-month and 11% year-over-year to 1.66 million, their highest level since March 2022, Cox said. That’s still lower than the 1.95 million average of 2019 to 2022.
Certified preowned sales alone were also up by 1% year-over-year to nearly 232,000, a 10% month-over-month bump. Year-to-date CPO sales are also up 1% year-over-year.
Originally posted on Auto Dealer Today
More Industry
Autos More Appealing
Consumers gave new cars better scores again this year for design, performance and more as mass-market brands kept gaining on premium lineups, JD Power found in an annual poll.
Read More →
Used EVs Defy Overall Market
While the used-car market saw three months of price declines or stagnation, the used EV segment did the opposite – rising for three straight months.
Read More →
Gone to the Dogs
A Stellantis brand decided to have some fun with one of its SUVs’ design to address growing emphasis on family pets.
Read More →
OEM Poll Sees Industry Evolution
Kerrigan Advisors’ survey of automakers finds that tariffs, technology, network tightening and other factors are poised to reshape auto retail.
Read More →
Luxe N.C. Dealerships Change Hands
A collection of Italian and English brand franchises were handed off to the owner’s friend in the business and include the Carolinas’ only Ferrari retail stores.
Read More →
Exposure Drives Interest in Chinese Cars
At a recent demonstration, consumers had the chance to ride in a Chinese-branded vehicle, a firsthand experience that improved their perceptions and purchase intent.
Read More →
Automotive Consumers Sink Further in Debt
Most financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
Read More →
Agent Advocate
Rob Mancuso, who comes from a long line of auto dealers, values general agents’ place in the industry and makes a case for them taking an even bigger seat at the table.
Read More →
Driving Under Distraction
Though consumers gave higher marks to new vehicles in JD Power’s most recent initial-quality poll, high-tech interference worsened, pointing to craving for simplicity.
Read More →
Affordable New Cars a Thing of the Past
More than one out of five new vehicles sell for more than $60,000, according to Edmunds. That's up 7% compared to prepandemic 2019.
Read More →