Used Sales Surge
May deliveries hit two-year-plus high as volume trims a little off supply.
Sales were also up in the certified preowned segment, though it's flat year-to-date.
Pexels
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.
DIG DEEPER: Auto Credit Access Stable
Originally posted on Auto Dealer Today
More Industry
Kia Closes Out Summer With a Bang
Its U.S. subsidiary broke multiple records in August, in part due to a surge of demand for hybrids models.
Read More →
Indiana Dealership Changes Hands
A 30-year-old Ford dealership in Indiana has a new owner and will soon be undergoing renovations to meet manufacturer requirements.
Read More →
Texas Dealership No Longer in the Family
The Ford store, a longtime cornerstone of the Houston market, is now part of one of the fastest-growing U.S. auto groups.
Read More →
Genesis Grows California Presence
The Cardinale Automotive Group opened its third Genesis rooftop in the Golden State, Genesis of San Bruno, a stand-alone dealership serving the San Francisco Bay Area.
Read More →
August Auto Sales a Mixed Bag
An early forecast shows strong business despite consumer hurdles, and hybrids are a big piece of their affordability coping strategy.
Read More →
EV Market Humming Along
July sales show steady growth as the segment stabilizes from last year’s artificial surge following pullback of federal support.
Read More →
Auto Loan Delinquency Rates Stabilize
Auto loans are a main driver of nonmortgage consumer debt, but delinquency rates stabilized in the second quarter across all credit risk tiers.
Read More →
EV Sales Recover in Q2
The EV sales roller coaster continues as numbers show improvement, but industry experts predict a year-over-year third-quarter decline and fourth-quarter jump.
Read More →
The Cheapest Hybrids to Fuel
The powertrain is increasing in popularity, in no small part due to its fuel economy. A new report lists the most efficient hybrids on the market.
Read More →
Hybrids and SUVs Gaining Ground
The most recent Kelley Blue Book Brand Watch found that only two nonluxury brands increased in shopper consideration, buoyed by their hybrid and SUV offerings.
Read More →