Higher interest rates, coupled with high gasoline prices and high vehicle prices, are keeping used sales in Q2 low.
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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.
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While prices and supply stabilize somewhat, the overall supply is far below historical levels, said Charlie Chesbrough, Cox Automotive senior economist.
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Q2 sales of battery electric vehicles increased to 196,788, a record high and a 13% increase from last quarter.
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The downward trend continues, as June CPO sales were down 1% from May’s sales stats.
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Compared to last month, wholesale used vehicle prices are down 1.3%, but year over year, prices are up 10.7%.
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The International Automotive Remarketers Alliance Summer Roundtable will address the questions spurred by inflation, rising energy costs, fleet electrification, supply chain twists, and constrained inventory.
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The experienced remarketing executives will take the reconditioning company to new levels across all areas of operations.
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Although economic conditions are worsening, the lack of supply is still the greatest headwind facing the auto industry.
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Marty D'Amato will lead the company’s operations, people, processes, and technology to meet rising client demand for reconditioning services.
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