CPO Sales Rise Third Month in a Row
But they remain off last year's pace because limited new-vehicle inventory has slowed the gently used segment due to fewer trade-ins.
But they remain off last year's pace because limited new-vehicle inventory has slowed the gently used segment due to fewer trade-ins.
At the end of March, the average listing price was $27,246, off record levels in December when it surpassed $28,000. The list price was down some from the end of February when it was a revised $27,609.
The pilot program goes national to give clients more detailed vehicle information to make smarter buying decisions.
Consumers have paid more than MSRP for each of the last 10 months, whereas one year ago, non-luxury vehicles were selling for more than $1,300 under MSRP.
The second quarter – especially April – will be the strongest part of the year for used vehicle sales and values, and then slow down but not crash.
On a month-over-month basis, all major segments saw seasonally adjusted price declines, with pickups declining the most.
Fleet share of total sales was 15% in March 2022, up nearly 2% from the March 2021 fleet share, but the number of vehicle sales remained down 11% year over year.
CAR 2022: Leading career accomplishments define the winners of this year’s Ed Bobit Industry Icon Award, Remarketer of the Year, and Consignor of the Year.
The collaboration will harness artificial intelligence to create accurate and consistent vehicle assessments as part of Black Widow's imaging system.
The average listing price dipped again to $27,608, still off the December peak when it surpassed $28,000. But the average listing price was 28% above that of February 2021.
All major market segments saw seasonally adjusted prices that were higher year over year in the first half of March.
Seasonally adjusted rates point to an inventory mix with more newer vehicles, which means fewer affordable options.
The supply of unsold new vehicles as March opened was about 1.5 million vehicles less than the stock of a year ago and 2.4 million less than in 2020.
Cox Automotive is forecasting a strong year for CPO at three million units, an increase year over year and above the record set in 2019.
The new digital tool paves the way to AI-enhanced condition reports with automated damage detection.
The 2016 Conference of Automotive Remarketing (CAR) took place March 16-17 at Caesars Palace, Las Vegas. Now in its 21st year, CAR delivered high-quality discussions and information on subjects ranging from automating the if-bid system to how to maximize auction earnings to a look forward to residual values for 2016-2017. In addition, attendees had plenty of opportunities to network and build their personal and professional connections. Photos by Chris Wolski and Steve Reed.
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