Used-Vehicle Supply Looks More Normal as Prices Rise
Used vehicles are tracking at a fairly normal pace for supply. Sales have slowed compared to the strong pace in the summer of 2021, but are still relatively healthy.
Used vehicles are tracking at a fairly normal pace for supply. Sales have slowed compared to the strong pace in the summer of 2021, but are still relatively healthy.
Auctions received vehicles from a more diverse stream of sources in the last quarter as data could be signaling some inflection points in the market.
The drawn-out vehicle shortage is producing a domino effect of issues for many fleet segments, says Cox Automotive’s Jonathan Smoke, but a potential recession may have a silver lining — if we even have one at all.
Rising interest rates and low consumer sentiment are keeping many potential buyers out of the market while higher gas and vehicle prices are decreasing affordability.
ANALYSIS: Used cars will no longer contribute to inflation. They should be a source of deflation in the months ahead.
The Viper stopped at 34 dealerships across the country on the road to being auctioned off to benefit Girls Inc., Toys for Tots and Boys & Girls Clubs of America
Merchants will continue to operate independently. The members of the Merchants leadership team will remain in their current roles and will be co-investors in the business.
Recurrent CEO Scott Case details the progress in accurately assessing the quality and value of a battery to determine the resale value of a used electric vehicle in in this episode of The Off-Peak.
Higher interest rates, coupled with high gasoline prices and high vehicle prices, are keeping used sales in Q2 low.
For the first time, used EV prices are exceeding the consumer price index for all used cars spurring sales and resales, according to the Q3 2022 Used Electric Car Market Report.
While prices and supply stabilize somewhat, the overall supply is far below historical levels, said Charlie Chesbrough, Cox Automotive senior economist.
Q2 sales of battery electric vehicles increased to 196,788, a record high and a 13% increase from last quarter.
The downward trend continues, as June CPO sales were down 1% from May’s sales stats.
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