But sales remain strong, up 7% compared to the previous year, as the used market offers a better value for consumers avoiding pricier new cars.
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Commercial activity continued to power sales growth in September while sales of vehicles up to two years old soared.
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Wholesale values remain elevated against normal depreciation trends, even with declines in September, and right as tax incentives on EVs end.
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Consumers are buying up electric vehicles ahead of the Inflation Reduction Act’s tax credit expiration amid strong demand and tight inventory.
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Commercial vehicle sales stood out in August due in part to more rental fleet vehicles coming through auto auctions.
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Demand remains strong as affordability challenges in the new market push consumers towards used options, with the market also benefiting from lowering credit rates and improved credit access.
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AI has already evolved into a must-have tool for remarketers to work with greater clarity, make faster decisions, and run smarter digital marketplaces and business operations.
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The service enables used EV sellers to receive firm offers in under an hour, and expands dealer access to EV inventory.
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June figures show that for the first time this year, days’ supply of used vehicles is nearly flat compared to levels seen in 2019.
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The electric vehicle market looked like a grab bag of trends as industry pressures and market dynamics shift.
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