Used retail vehicle sales jumped in May to the strongest volume in more than two years.

The 16% surge to 1.6 million units, reflected in both month-over-month and year-over-year comparisons, was seen for franchised and independent dealers, Cox Automotive said.

It ate into inventory, which fell from 48 days to 45' worth to 2.26 million units, though that's up 3% year-over-year. Consequently, the average listing price rose, still by less than 1% to $25,670, which is down 6% year-over-year.

The volume was the peak for the year so far and the highest level for any month since March 2022 during the height of that year’s tax refund season, said Cox, which pointed out that this spring’s selling period hasn’t turned any heads.

Sales were also up in the certified preowned segment of used deliveries by about 3% year-over-year and 8% month-over-month to nearly 226,000 units. CPO sales, though, are flat year-to-date.

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