More than 3.49M used vehicles are likely to be sold in October, representing an 8.1% increase vs. same month year ago; Franchised dealers taking in boat-load of trade-ins and are on track to near-12% increase in used sales, pushing their year-to-date increase to 5%.
Independent Dealers Seeing Numbers Up 10% in October after Miserable 1st Half:
Off 3.7% year-to-date caused by poor inventory through July and tight credit.
Franchised and Independent Dealers Benefiting from More Credit Challenged Customers Getting Financing:
27% with FICO scores under 670 got loans in January 2010, now has gone up to 42%.
For Franchised Dealers, Asking Prices Close to Last Month and Year Ago:
Actual used transaction prices down 3.6% from last year and 4.2% from September.