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.
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