June Used Vehicle Sales Up Despite Headwinds

Total used-vehicle sales in June are estimated to be near 3 million units, up 2.8% from June 2022, according to Manheim.

The seasonally adjusted annual rate, or SAAR, is estimated to have finished near 36.7 million, up from last June’s 35.7 million pace and up from May’s downwardly revised 34.1 million level. Used retail sales were also estimated to be up month over month in June.

“The triple whammy remains – high prices, high interest rates, and lower-than-usual supply – but the market keeps chugging along," said senior manager of economic and industry insights at Cox Automotive Chris Frey in a July 17 news release. "While sales stalled a bit after mid-February compared to 2022, at mid-year, things are not getting worse. Typically, we slow from here through year-end, and so far, that looks to be the case.”

Retail used-vehicle sales — the volume of vehicles sold via a dealership, thus removing private party sales — are estimated to be 1.6 million, up 3.3% from June 2022.The used retail sales pace ticked higher to 19.4 million in June from May’s downwardly revised 18.1 million level.

Assessing retail vehicle sales based on observed changes in advertised units tracked by vAuto, Cox first reported that used-vehicle retail sales in June were down 4% compared to May but saw the year-over-year comparison with 2022 improve.

The total used-vehicle sales forecast for 2023 has been revised down slightly by Cox Automotive to be 35.7 million, 2% below 2022.