But analysts predict used vehicle prices will remain higher than pre-pandemic prices for years to come.
S&P research shows the average vehicle age rose to 12.2 years in 2022, representing a 2% increase from 2021.
The industry saw 14.3% month over month growth, but CPO sales still fell 23.3% short of 2021 sales for the same month.
Dealers are investing in older, used, high-mileage inventory, and they are also retaining vehicles taken on trade which would have previously gone to auction.
With a few key strategies in mind, auto dealers will be better equipped with the right F&I product portfolio to meet the needs of the growing number of people shopping for used vehicles in 2021.
DRIVIN announced the launch of DRIVIN Marketplace, where dealers can list and remarket unwanted inventory to their established network of dealers. The service will then match and recommend the listed inventory to more than 1,000 open vehicle searches from dealers across the country, according to the company.
The average price of a used vehicle for model years 2011-2015 depreciated 1.5%, slightly less than last month (1.7%) but slightly higher than a year ago (1.4%), according to Black Book.
Used-vehicle buyers are turning to sports cars in greater numbers thanks to low fuel prices, which are allowing them to forego fuel efficiency in favor of performance, KBB said this week.
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