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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Year to date, the total used-vehicle market is on pace to finish down more than 10% from 2021’s 40.6 million total.
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The overall used-vehicle market is experiencing a weaker spring than expected
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After including dealer and manufacturer fleet sales, the total fleet share of all sales was 14%, up 2% from April 2021's fleet share.
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