Used Car Sales Dip in October

By Staff Writer November 16, 2022

Leveraging a same-store set of dealerships selected to represent the country, Cox Automotive estimates that used retail sales declined 9% in October from September and that used retail sales were down 13% year over year. The DealerTrack info shows that compared to October 2019, sales were down 32%, which was the worst monthly comparison so far this year. Credit transactions heavily influence the same-store data series, and growth in cash purchase activity is likely causing the estimates to decline more than actual market sales, according to Cox Automotive. Nevertheless, used sales momentum likely faded in October.

Using estimates of used retail days’ supply based on vAuto data, October ended at 49 days of supply, down from 52 days at the end of September but higher than how October 2021 ended at 40 days. Leveraging Manheim sales and inventory data, wholesale supply is estimated to have ended October at 28 days, higher than how October 2021 ended at 20 days but unchanged from the end of September.

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Last modified on Monday, 21 November 2022 12:50