BANDON, Ore. —Total June used-car sales were up 0.53% vs. a year ago and 2.8% vs. May, according to CNW Research. However, concerns over buying a used General Motors and other recalled vehicles convinced many shoppers to seek out Asian and European models.
In fact, share of the used-car market for the Detroit Big Three slipped 1.3% vs. a year ago and 1.4% vs. May, according to CNW’s Art Spinella.
“Consumers are continuing to lean toward passenger cars rather than trucks, with share of cars of total sales jumping 1.6% vs. May of this year,” Spinella noted. “This is contrary to data vs. a year ago. Car share fell 15.4%.”
Franchised dealers were off about 5.7% compare to a year ago but were able to make a near 2% gain over May. Sales for independent dealers fell 5.36% vs. a year ago. However, independent dealers were also able to improve their sales by 2.11% vs. May.
Private party sales experienced a healthy 16.9% gain compared to June 2013, while increasing 4.46% from May of this year. Based on transaction prices, the total value of all used-car sales increased 17.3% over last year and 5% from May.
“Average transaction prices are up a comfortable 16.7% over a year ago as fresher and newer vehicles begin to enter the used-car market,” Spinella noted. “The number of total shoppers for a used vehicle in June was down 7.6% for franchised dealers, more than 29% for independent dealers and 5.6% for private party sales.”
Originally posted on F&I and Showroom