For franchised used-car dealers, prices slipped more than 1% in October compared to the previous month; and were nearly flat with the previous year, rising barely one-tenth of a percent vs. October 2013. Independent dealers had a 2.4% decline from September and a 1.7% increase vs. a year ago. Overall, unit sales were favorable for private party/casual sales.
Franchised Dealers Sold Nearly 40% with Units Up More than 4% Over Last Year:
Independents were down more than 9% in share and casual sales were up more than 12% from October 2013.
Study Shows New-Vehicle Buyers Keeping Vehicles Far Longer than Prior to Recession:
Largest movement was shrinking in four-to-six six year ownership cycle, the mainstay for auto industry.
Prime Buyers Saw Slight Decline in Vehicle Loan Approval Rates:
No discernable reason but perhaps their over-use of credit as the recession winds down.