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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Demand signals remain strong at auctions, with sales conversions, a clear sign of demand, reaching 68.2% in the most recent measure.
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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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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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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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The used market especially benefits from consumers seeking more affordable alternatives than those offered in the new car segment.
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While inventory is growing, vehicles are moving off lots faster than they were a year ago.
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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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Enough vehicles are sitting on lots as vehicle days’ supply hovers above last year’s levels, and sales volume lingers well below available inventory.
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The key metrics of the used vehicle market are either slightly down or barely up, but affordability remains a challenge.
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