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Cox estimates that used retail sales increased 11% in August from July and that used retail sales were down 9% year over year.
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The used market this year is feeling the effects of high-inflation and elevated used-vehicle prices. Sales continue to be soft, but the market is not under stress
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The downward trend continues, as June CPO sales were down 1% from May’s sales stats.
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May’s CPO sales result is the lowest since February, also down over 22% from May 2021.
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The overall used-vehicle market is experiencing a weaker spring than expected
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But they remain off last year's pace because limited new-vehicle inventory has slowed the gently used segment due to fewer trade-ins.
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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.
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With record numbers of lease-holders choosing to keep instead of return their leased vehicles, the pool of available CPO-eligible inventory is lower than usual.
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With two months left in 2021, reaching the revised Cox Automotive CPO sales forecast of 2.7 million units – and possibly matching the 2.8 million record-setting 2019 level – remains within reach.
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CPO sales are up 12% versus the same time in 2020 and are marginally above the same period in 2019 when a record-high 1,900,589 units were sold.
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