Even with the wholesale used vehicle market seeing lower prices, dealers were able to get a higher percentage of their used-car asking prices in August. Franchised dealers received 96.9% of asking price compared to 95.4% a year ago. Independent dealers saw a good gain – nearly two percentage points from 94.7% to 96.6%. Sales volume slipped to under 4M units, down about 3%.
Franchised and Independent Dealers Saw Used Volume Decrease in August:
Private Party (Casual) market had significant gain this month of around 7.7%.
More Inventory on Dealer Lots Causing Used Car Days’ Supply to Jump 3%:
That’s foretelling a continued decline in month-over-month retail prices.
Lease Residual Value Projections Trailing Actual Prices at End of Term:
One GM lease earlier this year carries residual 83.59% of what actual market is likely to pay for those vehicles.