CPO Sales Improve Slightly in April, Remain Behind 2021
The overall used-vehicle market is experiencing a weaker spring than expected
The overall used-vehicle market is experiencing a weaker spring than expected
Combined sales into large rental, commercial and government buyers were up over 4% year over year in April.
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Sales are likely to be slightly less this spring selling season.
But they remain off last year's pace because limited new-vehicle inventory has slowed the gently used segment due to fewer trade-ins.
At the end of March, the average listing price was $27,246, off record levels in December when it surpassed $28,000. The list price was down some from the end of February when it was a revised $27,609.
The second quarter – especially April – will be the strongest part of the year for used vehicle sales and values, and then slow down but not crash.
On a month-over-month basis, all major segments saw seasonally adjusted price declines, with pickups declining the most.
The average listing price dipped again to $27,608, still off the December peak when it surpassed $28,000. But the average listing price was 28% above that of February 2021.
All major market segments saw seasonally adjusted prices that were higher year over year in the first half of March.
Seasonally adjusted rates point to an inventory mix with more newer vehicles, which means fewer affordable options.
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.
Inventory has improved since last summer’s supply drought, but availability remains well below pre-COVID levels.
The average used-vehicle listing price dipped below $28,000. The inventory volume and days’ supply are both above last year, although sales remain low.
The latest trends in the key indicators suggest wholesale used-vehicle values will likely see further declines in the second half of the month.
As vintage Chevrolet trucks increase in popularity with enthusiasts, more trucks are going up for auction and sale prices for the most coveted trucks keep increasing. As we look back at 100 years of Chevy truck history, here’s a gallery of the nine most expensive Chevrolet trucks sold at Barrett-Jackson auctions to date. Photos courtesy of General Motors.
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