Used vehicles sales in the second quarter of 2014 were up 1.6% units year-over-year, but down 5.4% from the first quarter. Franchised dealers carried most of the gains – sales were up 7.4% over last year and 2% over last quarter. Franchised dealers have seen greater inventory availability through lease returns and nearly half of new vehicle sales taking place with a trade-in.
Average Price for Used Vehicle Sold at Franchise Dealer Was $16, 781:
This average price in Q2 was up 4% year-over-year and 3.9% from last quarter.
Financing of Used Vehicles Shares Many Similarities with New Vehicle Market:
Both have seen a reduction in average interest rate but an increase in loan term lengths.
In Q2, Certified Pre-Owned Made up 20.4% of Franchise Dealer Used Sales:
While CPO has seen slight bump in share, there still is plenty of room for growth.