Retail used vehicle sales looked to be increasing 1.5% over last year to 4.5 million units. Financing has opened up for franchised and independent dealers, coming from the stable finance market and acceptance of wider and lower score consumers. Private party sales were on track to drop 3.7% in volume during May.
Franchised Dealers Saw Prices Increase to $11,400 in May Vs. $11,372 in April:
Independent dealers saw prices fall 1.6% compared to April.
Used Car Sales Growth Has Spurred Boom in What Dealers Offering for Trade-ins:
Franchised dealers increased Budget-car trade-in price nearly 32%, and 39% for compact pickup.
Run on Used Vehicles Has Shrunk Days’ Supply by 1.4% Vs. Year Ago:
Part of the reason remains a mismatched consumer-demand vs. inventory condition.