Improved credit access and the overall value proposition of the used market likely contributed to the stronger demand.
On the Dash:
- Retail used-vehicle sales increased 3.4% in October, outperforming the new-vehicle market.
- Inventory and pricing continued to rise in early November as days’ supply held at 48.
- CPO sales grew 7.5% in October, contributing to stronger overall demand.
Retail used-vehicle sales strengthened in October as franchised and independent dealers saw higher demand and improving sales momentum across the market. According to Cox Automotive’s vAuto Live Market View estimates, dealers sold 1.40 million used vehicles at retail during the month, up 3.4% from September and 1.5% from a year earlier. The latest increase outpaced the new-vehicle market and provided dealers with a lift heading into November.
The stronger sales pace helped pull the used-vehicle days’ supply to 48 in early November. That figure was one day lower than the start of October but remained one day higher than the same period last year. Inventory levels, however, continued to climb. Dealers nationwide had 2.26 million used vehicles on their lots at the start of November, which was 1% higher than early October and 3% higher than last year’s level.
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Improved credit access and the overall value proposition of the used market likely contributed to the stronger demand. Cox Automotive analysts noted that buyers appeared to view October as a favorable shopping window, especially as used vehicles continue to offer more affordable alternatives to the new-car segment.
Certified pre-owned activity also improved. CPO sales rose 7.5% month-over-month in October and were up 2.6% year-over-year. Dealers sold an estimated 208,948 CPO units during the month, an increase from 194,341 in September. Year-to-date CPO volume is running 2.6% ahead of last year.
Used-vehicle pricing edged higher as inventory volumes increased. The average listing price reached $25,945 in early November, up from the revised $25,889 at the start of October and up 2% from last year. The rise was driven mostly by a larger mix of newer model-year vehicles available for sale.
Affordability challenges remained for budget-focused shoppers. Vehicles priced below $15,000 continued to have limited availability, with only 34 days’ supply, which is well below the industry average. The top five selling brands for the month were Ford, Chevrolet, Toyota, Honda and Nissan. Together, they accounted for half of all used vehicles sold, with an average listing price of $24,037.
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