Retail sales were down 6.52% from year ago and more than 15% from July. While that month-over-month decline typically happens, it was somewhat distressing because usual pre-Labor Day sales tend to be for students going back to school and likely needing more reliable transportation. Sales may go up in September – there was slight surge in Sept. 1 used-floor traffic, which may result in September sales offsetting much of decline.
Franchised and Independent Dealers Down 5.6% and 13.7% in Sales from Year Ago:
Private Party (Casual) took some share away from Independent.
Total Value of Used Car Sales Rose 7.3% in August Vs. Year Ago:
Came from higher asking prices, and ability to get customers to pay closer to asking price.
Total Number of Used Car Shoppers Down, Explaining Lower Sales:
There were 8.5 million used car shoppers in August 2014 vs. 10.8 million a year ago.