May’s CPO sales result is the lowest since February, also down over 22% from May 2021.
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The overall used-vehicle market is experiencing a weaker spring than expected
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But they remain off last year's pace because limited new-vehicle inventory has slowed the gently used segment due to fewer trade-ins.
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Cox Automotive is forecasting a strong year for CPO at three million units, an increase year over year and above the record set in 2019.
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With record numbers of lease-holders choosing to keep instead of return their leased vehicles, the pool of available CPO-eligible inventory is lower than usual.
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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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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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With high prices and fast sales, dealers are selling cars before they get a chance to pull them into their shops to recondition them up to full CPO standards.
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CPO sales are up 12% versus the same time in 2020 and are marginally above the same period in 2019 when a record-high 1,900,589 units were sold.
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Near-record low new-vehicle inventory and record-high prices will keep certified pre-owned units as very attractive alternatives.
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