Used-Vehicle Inventory Shrinks
August supplies down as summer sales surge, Cox Automotive says.
Nationwide used inventory at dealers was at 2.25 million units, down 9% year-over-year.
IMAGE: Pexels/Erik McIean
The rebound in U.S. used-vehicle supply slowed last month as sales proved surprisingly brisk at franchised and independent dealerships.
Cox Automotive data shows days’ supply ended the month at 44, down 15% year-over-year and by four days’ worth a month earlier.
Nationwide used inventory at dealers was at 2.25 million units, down 9% year-over-year.
“Used-vehicle inventory had been increasing after hitting a low point in March,” said Cox Senior Manager of Economic and Industry Insights Chris Frey. “But that increase in inventory stalled in the middle of July and into August as sales unexpectedly picked up.”
So far this year, retail used-vehicle sales are short by less than 4% year-over-year, showing “remarkable strength since mid-July,” Frey said.
Nevertheless, the average listing price, at $26,651, was lower year-over-year by 6% and by 1% month-over-month.
Wholesale prices, meanwhile, were off about 8% year-over-year, though they saw a slight 0.2% month-over-month bump.
Cox said the nonluxury makers with the lowest supply are Honda, Hyundai, Nissan, Subaru and Toyota.
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