While wholesale used vehicle prices have been strong lately, that hasn’t been the case for retail used. Asking prices averaged $11,372 for franchised dealers last month, compared to $11,716 last year. However, franchised and independent dealers did see that their asking price was closer their closing price. Franchised dealers were able to get 96% of their asking price versus 94% a year ago; Independent dealers saw 96.5% in April versus 93.9% a year ago.
About 3.9M Used Cars Were Sold in April:
Inventory of available vehicles continues to contract – down 3.13% from year ago.
All Three Used Vehicle Channels Will Take Part in 3.7% Used Car Increase:
Franchised should be up 4.7%, Independents 3.9%, and Private Party 2.2%.
New Vehicle Floor Traffic Was Up 3% Versus Year Ago:
Retail share of new vehicle sales also up, indicating consumers are back in the market.