Inventory has improved since last summer’s supply drought, but availability remains well below pre-COVID levels.
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Despite squeezed supply, the used-vehicle market has been playing a key role in the recovery of the automotive industry.
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Demand is strong and expected to break records in 2022 because CPO fits an important sweet spot in the vehicle market.
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Combined sales into large rental, commercial, and government buyers were down 32% year over year in December and down 4% full-year 2021 versus 2020.
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Manheim Forecast: Tax refunds and a supply-constrained market will likely lead to another round of price increases in the first half of 2022
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Despite constrained inventory, the used-vehicle market has been playing a key role in the automotive industry recovery.
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Wholesale prices appear to have peaked the week before Thanksgiving as weekly prices have declined slightly in each of the last two weeks. But retail prices continue to increase.
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The average listing price of about $27,000 is running 25% above year-ago levels and 38% over pre-pandemic 2019 levels.
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With two months left in 2021, reaching the revised Cox Automotive CPO sales forecast of 2.7 million units – and possibly matching the 2.8 million record-setting 2019 level – remains within reach.
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October figures show buyers are much more aggressive in purchasing than is typically the case in the fall. Combined sales into large rental, commercial, and government buyers were down 24% year-over-year in October.
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