CPO Sales Improve Slightly in April, Remain Behind 2021
The overall used-vehicle market is experiencing a weaker spring than expected
Used retail sales declined 13% in April from March and failed to show the larger seasonal increase driven by tax refund season.
Source: Cox Automotive
Certified pre-owned (CPO) sales in April rose to 223,999 units, up 2% from March’s 219,360, Cox reported May 6. April’s CPO result is the highest since September 2021 and is the fourth straight uptick this year. However, CPO sales are down 14% year over year.
Leveraging a same-store set of dealerships selected to represent the country from Dealertrack, Cox estimates used retail sales declined 13% in April from March and failed to show the larger seasonal increase driven by tax refund season. The Dealertrack estimates indicate used retail sales were down 21% year over year.
“Sales of CPO vehicles are down nearly 16% year to date and are on trend with the overall used-vehicle market, which is experiencing a weaker spring than expected," said Charles Chesbrough, senior economist at Cox Automotive, in a news release. "Cox Automotive expects stronger sales activity in the second half of the year to improve CPO sales.”
Background News: CPO Sales Rise Third Month in a Row
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