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
More Industry
Automaker Advances Safety for All
A new report by Volvo Cars Safety Centre analyzed the impact of 50 years' worth of research in automotive safety development
Read More →
Kentucky Store Leaves Family
An auto group stretched across three states picked up the Lexington-area Ford fixture as its second store for the brand in the state.
Read More →
U.S. Auto Brands Falling Behind
Asian auto brands are outpacing U.S. brands in stateside new-vehicle sales. Learn more in this week's Dealer Debrief with Lauren!
Read More →
U.S. EV Market Update | Dealer Debrief
The U.S. electric vehicle market is slowly recovering from the loss of the federal EV tax credit last fall. Learn more in this week's Dealer Debrief!
Read More →
Auto Finance Numbers Set Records
Third-quarter data show how consumers are adapting to ongoing affordability challenges facing the new- and-used-vehicle markets.
Read More →
Auto Dealerships Can’t Afford to Ignore the 50+ Consumer
Younger generations may be all the buzz today when it comes to product marketing targets, but their older cohorts command a sizable share of purchasing power.
Read More →
Savings Seekers Boost U.S. Automakers’ Rivals
As consumers here look for ways to curb inflation’s affect on their budgets, brands offering plenty of alternative powertrains are closing in on home-grown OEMs.
Read More →
The Slow Electric Ascent
Second-quarter data show that the electric-vehicle market in the U.S. is inching up, the majority of states seeing a month-over-month increase.
Read More →
Safer Rides & Cyberattacks
Vehicle crash testing is getting a virtual boost, but auto dealerships are facing increased cyberattacks. Learn more in this week's Dealer Debrief!
Read More →
Affordability Angst | Dealer Debrief
August saw little relief for car buyers, whether they were shopping new or used. Take a look at the month's breakdown in this week's Dealer Debrief!
Read More →