The volume was up but the value was down for retail used car sales in May. Used car dealers and private party sales were up 1.9% versus a year ago reaching 4,391,248 units sold. The value of used cars sold slipped 3.4% to $39.2 billion versus $40.56 billion last year due to lower transaction prices.
Inventories of 1-to-5 Year Old Cars Improving Due to Off-Lease and Corporate Returns:
Shot up at 2 years – 2 year old up 9.6%, 3 year old up 7.9%, and 4 year old up 7.0%.
Saw 1.52% Decline in Number of Used-Vehicle Shoppers in May ’13 vs. May ’12:
But closing ratios were up 4.8% offsetting fewer “lookers.”
CNW Saw 32.6% Rise in Number of Used-Vehicles Acquired Outside of Buyer’s DMA (Marketing Area):
Price and availability of a particular make and model were the two primary reasons.