Franchised and independent dealers had a total of 1.95 million used vehicles in stock in March, the lowest on record in the current data set.
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New EV sales declined year over year in February while used EV demand rose, as prices fell and inventory tightened across both segments.
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Solid demand at Manheim auctions with higher sales conversion rates indicate an appetite from dealers to buy.
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Wholesale values moved even faster than expected on the back of strong retail demand, driving the MUVVI to its highest reading since September 2023.
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Vehicle buyers are seeing a favorable purchasing window, with factors such as declining prices, improving used vehicle credit rates, and continued gains in credit availability.
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While consumer sentiment remains subdued, early reads suggest confidence is recovering amid good vehicle sales supported by lower APR rates.
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Better affordability compared to new vehicles and a larger selection of newer model year vehicles rank among the drivers of this market.
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As the month progressed, used retail sales were higher each week, ending with tighter inventory levels.
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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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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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