CPO Sales’ Climb Steady
August shows they’re leading used deliveries at a measured pace.
August performance is a good sign for the rest of the year, Cox said.
IMAGE: Pexels/Esmihel Muhammad
U.S. sales of certified preowned vehicles rose in August, besting the larger used market, Cox Automotive said.
CPO sales were up about 15% year-over-year to over 243,000 units and by 5% month-over-month. So far this year, they’re up 8% over the same period in 2022.
The sales have been rising at an easy pace, Cox Senior Manager of Economic and Industry Insights Chris Frey pointed out. “Monthly sales increases this year have been rising gradually, rather than the sporadic monthly levels of 2019, or even the trepid 2022 monthly sales rates after April.”
Overall used-vehicle sales fell by almost 8% month-over-month to three million, which Cox attributed in part to some June sales being reported in July, and it said the used sales pace is up year-over-year to about 35.2 million.
“Our CPO forecast likely will be upgraded, but we will need to witness more improvements to substantiate that adjustment,” Frey noted. “Still, CPO sales have shown a lot of resilience given the price and interest rate environment, and that bodes well for the next few months’ sales figures.”
Honda’s CPO deliveries outpaced its big-brand competitors on month-to-month improvement, Ram’s the biggest dip, Cox said.
More Dealer Ops
Dealer Debrief: Defection Data & EV Updates
In this week's debrief, host Lauren Lawrence discusses how to use defection data to your advantage and the latest on EV sales and charging infrastructure.
Read More →
How Defection Data is Bridging the Dealership Conversion Gap
Lead volume is flat, cross-shopping is up and brand loyalty is in retreat. As confident sales teams keep losing buyers they thought they had, daily industry sales data is showing dealers exactly where their funnel is breaking and how to fix it without buying a single new lead.
Read More →
Dealer Debrief: Where are you losing customers?
In this week's debrief, host Lauren Lawrence discusses the hidden leaks in dealerships where you might be losing customers without even realizing it.
Read More →
Dealer Debrief: Improving Your Inventory Management
In this week's debrief, host Lauren Lawrence covers a new survey that shows what service technicians really want and two launches that could help improve your inventory and vehicle life cycle management.
Read More →
Ladies and Gentlemen, This Is a Dealership: Why the Fundamentals Still Decide Who Wins
A teaching moment by a legendary football coach happens to apply perfectly in the auto retail space. Learn what it is and how to use it to your store’s advantage.
Read More →
What Market Timing Mistakes Mean for Your Reinsurance Program
When volatility hits, dealer-owned reinsurance programs face a familiar temptation: pull back and wait for calmer waters. New data from BOK Financial shows why that instinct can quietly cost you years of surplus growth.
Read More →
Dealer Ads and the FTC
The agency has made it clear in recent enforcement actions and warnings, in auto retail and other industries, that advertised prices must include all nonoptional costs to the consumer.
Read More →
Used Autos Supply Dwindles
The March shopping surge, despite high prices, cut into inventory by the most since the thick of the pandemic, Cox Automotive analysts calculated.
Read More →
Managing Risk Effectively Through Changing Times
The variables influencing risk pricing have changed significantly over the past five years. Being proactive and responsive to emerging trends is not optional but essential.
Read More →
Survey Reveals What Won't Fix What's Breaking Car Sales
AutoPayPlus says extra-long auto loans are trapping consumers and threatening the dealer trade-in cycle, and that the industry is leveraging the wrong tools to combat high MSRPs.
Read More →