Used-Vehicle Sales Down YOY But Up From December
Cox figures seem to bode well for spring sales.
Cox forecasts 2023 used-car sales to total 35.6 million, down 1% year-over-year.
IMAGE: jaygeorge
Used-car sales fell year-over-year in January but were up from December volume, according to a Cox Automotive report.
Sales were down 8% to about 2.8 million. The seasonally adjusted annual rate was an estimated 35.9 million, also down year-over-year but up from December, Cox said.
“The used market is showing some surprising strength to start the year,” said Cox Senior Economist Charles Chesbrough.
“Although down from last year, the recent sales pace has been ticking slightly higher. High prices in the new market, coupled with weakening used car prices, is supporting slightly stronger used demand.
Chesbrough said that if the trend continues, the spring selling season may be better than originally thought.
Retail sales of used cars – those excluding private-party transactions – are also estimated to be down year-over-year, by 7.5%, to 1.5 million but up from December, Cox said.
The company forecasts 2023 used-car sales to total 35.6 million, down 1% year-over-year.
DIG DEEPER: Used Wholesale Car Prices Continue Fall
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 →