The research firm attributed the 2% gain in used-vehicle sales to higher CPO sales and a growing inventory of fresh off-lease vehicles. Even independents felt the trickledown effect of quality used vehicles.
Used-vehicle sales motivated by online ads outpaced purchases motivated by print newspapers for the first time, CNW reports. The firm also noted that private party sales showed the biggest increase in December.
Pent-up demand hit a low point in July, according to CNW Research. The firm estimates that 94,000 consumers are looking to make a vehicle acquisition within six months vs. 103,500 a year ago.
Concerns over GM and other recalled vehicles drove shoppers to Asian and European models in June, according to data from CNW Research.
The softening of wholesale prices in May could be a precursor to further softening, according to Tom Kontos, chief economist for ADESA Analytical Services.
CNW reported this week that sales picked up in late May, with the firm expecting deliveries for the month to increase 11% from a year ago.
The market research firm says improvements in several key metrics last month are setting the stage for a spring rebound in vehicle sales.
The reopening of government in mid-October helped used-vehicle sales realize a 3.63 percent increase from a year ago, CNW Research calling the increase “somewhat weaker” than expected.
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