Cox: CPO Sales Increase

By Staff Writer July 27, 2020

Cox Automotive reported sales of certified pre-owned (CPO) vehicles increased 9 percent year over year in June and were up 10 percent month over month compared to May. For June, 261,586 CPO units were sold.

CPO sales were on a record-setting pace the first two months of the year before COVID-19, Cox reported. Reflecting huge decreases in March and April, CPO sales are down 11.7 percent for the first half of this year versus the same time in 2019, with 1,238,919 CPO units sold through June. In the first six months of 2020, the CPO market is more than 160,000 units below last year.

For June, Toyota, Honda and Chevy continue to be the biggest players in the CPO market, collectively representing a third of all CPO sales. Those three plus Ford and Nissan account for 44 percent of CPO sales so far in 2020. Last year, Toyota, Honda and Chevy accounted for 32 percent of the total industry CPO sales reflecting that brands are maintaining consistent CPO sales share this year compared to 2019.

Stronger CPO sales in June were part of a larger recovery of the overall used-vehicle market. According to Cox Automotive estimates, total used-vehicle sales volume was down 12-percent year-over-year in June. In comparison, the new-vehicle market was down by 27 percent. 

For the first half of 2020, the non-luxury segment had 941,352 total CPO sales, a 12.1-percent year-over-year decrease. Ram, with 35,579 CPO sales, performed best with a 1.1 percentage point gain in share compared to last year. Nissan rounded out the segment for 2020 with a decrease of 1.1 percentage points in share year over year.

For the luxury segment, 291,868 CPO sales were made in the first six months of 2020 for a 10.4-percent drop compared to a year ago. Mercedes-Benz outperformed the competition with a 1.2 percentage point gain year over year and 61,272 CPO sales for 2020. Porsche reported record-setting CPO sales in June, selling nearly 3,000 CPO vehicles last month, versus 5,000 new vehicles. Lexus lost 1.6 share within the segment and fell 20.3 percent in CPO sales compared to first half 2019.

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Last modified on Monday, 27 July 2020 14:05