Retail used-vehicle sales rose about 14% month-over-month in February and about 11% year-over-year for the strongest volume in nearly a year.

About 1.5 million vehicles moved at franchised and independent U.S. dealers for the highest monthly volume since last March, according to Cox Automotive figures.

Cox credited the sales surge to early tax returns and the anticipation of spring. Sales typically peak each year in March or April due to tax season, it said.

The brisk sales cut into inventory, sharply pinching down days’ supply from 53 to 44.

“As the average tax refund is up 6% so far in 2024, consumers have been driven to the used retail market earlier in the year, leading to stronger used-vehicles sales in February than we have seen the last couple of years,” said Cox Senior Director of Economic and Industry Insights Jeremy Robb in a press release.

The month’s sales total is off February retail unit sales average of 1.65 million from 2019 to 2021 but surpasses that of last year and 2022, Cox said.

Certified preowned sales were also up for the month, by 2% to nearly 211,000 for their strongest February showing since 2020.