March ended much better than had been expected for used car sales in CNW Research’s latest Retail Automotive Summary. Spinella’s March sales figure report saw volumes increase more than 50% over weather-impacted February. That jump happened across all three used retail channels – Franchised, Independent, and Casual sales. Year-over-year, retail used vehicle sales increased 2.7% with franchised units up 1%, Independents up 4.8%, and Casual up 2.55%. Franchised transaction prices also did very well – rising a healthy 10.8% and bolstered by growing sales in certified pre-owned (CPO) sales.
Independents Saw Transaction Price Increase But at More Modest 1.52% vs. Year Ago:
Private party prices grew by 5% with much of it coming from 15+-plus year old models.
There Were 13% Fewer Used-Car Shoppers on Dealer Lots than Year Ago:
That indicates the pent up demand log jam may well be breaking.
Sub-prime Buyers Rose 17% Vs. Year Ago and 57% Over February:
Sub-550 FICO unit sales rose 51.6% over February, and had an 11.8% gain vs. year ago.