All major market segments saw seasonally adjusted prices that were higher year over year -- but declined -- in the first half of August.
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Higher prices and higher interest rates are slowing the seasonally adjusted annual rate of sales in the used market.
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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.
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The used market this year is feeling the effects of high-inflation and elevated used-vehicle prices. Sales continue to be soft, but the market is not under stress
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Used vehicle consignor CarLotz will enable Shift to pursue a new business plan focused on allowing consumers to buy vehicles online, sight unseen, for pickup or delivery.
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All major market segments once again saw seasonally adjusted prices that were higher year over year in July.
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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.
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ANALYSIS: Used cars will no longer contribute to inflation. They should be a source of deflation in the months ahead.
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Higher interest rates, coupled with high gasoline prices and high vehicle prices, are keeping used sales in Q2 low.
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May’s CPO sales result is the lowest since February, also down over 22% from May 2021.
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