As anticipated by CNW Research, number of Casual or Private Party sales is beginning to see positive ground. While 1.1% increase is slight, it reverses a downward trend and could have significant impact on both franchised and independent dealer inventories. Transactions typically deal in older models upgrading to less-old versions.
While MSRP of New Vehicles Sold in February Rose 3.7% vs. Year Ago:
Manufacturer’s incentive level jumped 15.5% to an average of $4,162 per vehicle.
Industry Likely to See 2.95M Used Units Sold – Best March Since 2002:
Recession caused many potential UC buyers to postpone purchase, causing backlog of pent-up demand.
Franchised Dealers Saw 5.3% Increase in UC Transaction Prices over February:
Independent dealers also saw month-over-month increase in transaction prices, up 5.1%.