As the supply of new vehicles improves rapidly, demand and prices for used ones are declining.
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Average transaction prices (ATP) have been above the average manufacturer’s suggested retail price (MSRP) for more than a year.
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After volatile highs and lows during the last three years, the market should hit equilibrium in the second half of 2023.
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A lower than normal sales conversion rate indicated December saw buyers with more bargaining power than typically seen for this time of year.
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A data partnership between vAuto and Ready Logistics equips dealers to further evaluate a vehicle’s market potential by considering transport costs and time.
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After fleet sales ran far below historical averages for the last three years, increases in 2023 won't be close to levels before 2020.
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The total supply of unsold used vehicles on dealer lots, both franchised and independents, across the U.S. stood at 2.33 million units at the end of November, about 4% higher than a year ago.
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Days’ supply by end of November was 77% higher than at the same time a year ago and the highest since March 2021. While inventory is up from recent levels, it remains low by historical standards.
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Higher interest rates are constraining affordability, and the number of potential buyers for used vehicles is declining when comparing 2022 to 2021.
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The used car retailer that bought the ADESA auction group this year blames high used car prices and rising interest rates for sinking consumer demand.
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