Retail used cars dropped last month for independent and franchised dealers, according to CNW Research’s monthly report. Retail used vehicles sales volume actually slid 6.3% last month as vehicle inventory was picked over in some parts of the country; and a ready source of the hot or most popular models were unavailable. Prices were down in March versus a year ago as both independent and franchised dealers were asking for 3.6% and 4.2% lower prices, respectively.
Franchised and Independent Dealers Received 1.5% Lower Transaction Prices:
On positive side, both channels had positive percentages for share of asking price
New Vehicle Sales Incentives Averaged $4,144 or 11.22% of MSRP:
Automakers picked up $3,398 of that cost with dealers the remaining $746.
Rollback of Sub-Prime Approvals Has Continued Over Past Six Months:
In March, sub-prime was off about 5.2% from previous month and more than 11% year-over-year.