CPO Sales Post Strong July
Segment doing better than thought, though overall used sales SAAR ended the month down Y-O-Y.
July’s CPO sales were up 12% year-over-year to more than 230,000 units.
IMAGE: Pexels/Pixabay
Following a down year, certified preowned vehicle sales have had a better showing in 2023 than expected and rose more than 3% month-over-month in July, Cox Automotive said.
Their year-to-date sales are up 7% year-over-year. Total retail used sales in the first seven months of the year are up 6%.
July’s CPO sales were up 12% year-over-year to more than 230,000 units, Cox said.
“Last month’s sales were up 17% for domestics, 8% for European brands, and up 15% for Asian makes,” said Cox Senior Manager of Economic and Industry Insights Chris Frey.
Toyota led large automakers in July’s CPO sales bump, and Honda experienced the biggest year-over-year percentage jump. Meanwhile, Chevrolet’s fell the most of any big brand.
Cox estimates overall July used-vehicle sales were up 2.1% year-over-year to about three million and that the seasonally adjusted annual rate ended the month at around 35.5 million, a year-over-year drop from 38.4 million.
Originally posted on Auto Dealer Today
More Industry
Auto Prices Ride May Moderation
Flat ATPs and asking prices clocked in below long-term averages for the month, though some segments saw significant price gains, reported Cox Automotive.
Read More →
Auto Retail Families Get Out While the Getting’s Good
Kerrigan Advisors’ first-quarter Blue Sky Report shows a sharp uptick in buy-sell deals as more retailers take advantage of handsome values while seeking to escape market risk.
Read More →
Holman Opens New Lexus Dealership
Located in the heart of Clark County, Lexus of Vancouver features a multi-level showroom, more than 30 service bays, an indoor drive for drop-off and pick-up and a fleet of courtesy vehicles.
Read More →
Ownership Priorities are Shifting
A new survey shows that in the U.S. vehicle quality for generation Z is largely defined by advanced safety features, intuitive technology and premium sound systems.
Read More →
Pump Price Jump Calculated
ISeeCars.com examined fuel costs for different power trains, finding which ones have experienced the biggest hits since the war in Iran commenced.
Read More →
Black Book: Weekly Market Update
Wholesale values fell last week despite the spring season still being in the traditional full-gear mode, analysts said.
Read More →
Arkansas Auto Group Acquires First Indiana Rooftop
Performance Brokerage Services represented both the buyer and seller in the sale of Carver Toyota of Columbus by Carlock Automotive Group.
Read More →
Stellantis to Dive Into U.S. Lending
The multinational maker of Chrysler, Dodge, Jeep, Ram and multiple other brands received conditional approvals for a Utah-based industrial bank.
Read More →
New-Vehicle Prices Rise
With April sales down, higher prices on in-demand large vehicles helped inflate the overall ATP, though increases were under long-term averages, Cox Automotive reported.
Read More →
Black Book: Weekly Market Update
Last week in the wholesale automotive market proved to be a mixed bag, analysts reported.
Read More →