The 1.66 million used vehicles sold at retail are up 11% year over year compared to March 2023 and the highest volume since March 2022.
September auction sales bolstered prices through the channel, but wholesale is at a crossroads, mainly from concerns about the UAW strike possibly slowing new retail sales and moving buyers into the used market.
All major market vehicle segments saw price declines year over year and all were down compared to the previous months, except for one.
While sales stalled a bit after mid-February compared to 2022, at mid-year the market is not getting worse with small percentage increases.
With production levels returning to normal and retail demand only modestly improved, sales to fleet channels have increased dramatically.
Fleet sales have helped underpin the market improvement so far this year. Forecasts suggest fleet sales could increase by more than 40% year over year,
While CPO outperformed total and retail used-vehicle sales in May, CPO sales are most likely muted due to high prices, declining credit availability and high interest rates.
Higher prices and higher interest rates are slowing the seasonally adjusted annual rate of sales in the used market.
Higher interest rates, coupled with high gasoline prices and high vehicle prices, are keeping used sales in Q2 low.
Incentive spending is projected to reach $4,159 (up 6% or $246), the highest level ever for the third quarter and just $28 short of the all-time quarter high set in Q4 2017.
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