Used-Vehicle Inventory Creeps Up

By Staff Writer September 23, 2024 844

According to the Cox Automotive analysis of vAuto Live Market View data, used-vehicle inventory levels at the start of September were higher than in August.

As September opened, the total supply of used vehicles on dealer lots – franchised and independent – across the U.S. was at 2.18 million units, unchanged from a year ago but up from the 2.17 million units at the start of August.

With the after-effects of the software outage now mostly in the past, the retail used-vehicle sales pace declined month over month in the most recent 30-day period. Sales of 1.54 million vehicles were lower than the 1.57 million reported at the start of August, a decline of 2%. Still, used-vehicle sales were healthy last month and higher year over year by 11%, and higher than the volumes recorded in late spring and early summer. Sales slowed some in the second half of August, which drove the days’ supply measure higher, increasing slightly from 41 to 42. According to the most recent Cox Automotive Dealer Sentiment Index, U.S. auto dealers (combined franchised and independent) still see the current used-vehicle market as poor, but the sentiment has been improving over the past year.

The Cox Automotive days’ supply is based on the estimated daily retail sales rate for the most recent 30-day period. Days’ supply was 42 at the beginning of September, up one day from the beginning of August and up six days compared to last year.

The average used-vehicle listing price was $25,172, down from the revised $25,425 at the start of August and 6% from a year earlier. The decrease in the average listing price was mostly due to a mix shift, with fewer 3- and 4-year-old vehicles being sold. Retail used-vehicle prices have been consistently lower through the first eight months of 2024 compared to year-ago levels.

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Last modified on Monday, 30 September 2024 10:29