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CarGurus' New Car Demand Index fell over 3% year-over-year in January amid declining consumer confidence and sentiment driven by current economic concerns.
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But analysts predict used vehicle prices will remain higher than pre-pandemic prices for years to come.
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S&P research shows the average vehicle age rose to 12.2 years in 2022, representing a 2% increase from 2021.
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The industry saw 14.3% month over month growth, but CPO sales still fell 23.3% short of 2021 sales for the same month.
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With a few key strategies in mind, auto dealers will be better equipped with the right F&I product portfolio to meet the needs of the growing number of people shopping for used vehicles in 2021.
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