Used-Vehicle Sales Drop 4% in January, NADA Used Car Guide Reports
The NADA Used Car Guide's used-vehicle price index slipped 0.3% in January, with sales volume coming in 4% lower than the same period last year.
MCLEAN, Va. — The NADA Used Car Guide's used-vehicle price index slipped 0.3% in January, with sales volume dropping 4% from the prior-year period.Wholesale prices for vehicle up to eight years in age also dipped 0.1%.
“Bouncing back after the holiday season slowdown, auction sales volume of models up to eight years old grew by 38 percent over the four-week period ending January 25, reaching 322,200 units,” noted Johnathan Banks, executive analyst for NADA Used Car Guide in a press release. "While sale volume was up significantly on month-over-month basis, volume was 4% lower than over the same period last year"
The rest of the quarter’s forecast, however, looks brighter. Due to the effects of winter storm Jonas on the East Coast, according to the report, used-vehicle prices are expected to rise approximately 1% in February and an additional 2% to 2.5% in March. This revision places prices 3% above December levels by the end of March; roughly 1% more than last month’s forecast.
Originally posted on F&I and Showroom
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 →