Used vehicle supply in November remained steady at 1.91 million units for both month-to-month and year-over-year, according to ZeroSum’s December “State of the Dealer” report.
Used vehicle movement also was stable at 1.22 million units in both October and November. Meanwhile, average marketed prices for used vehicles fell year-over-year by $1,763, from $27,891 in November 2023 to $26,128 in November 2024.
“The used vehicle market continues to be in a very steady state position, as it has for the past year,” said Jeff Englishmen, vice president of dealer success at ZeroSum. “With that said, it is worth pointing out the decline in pricing power now versus November 2023, which is related to the new vehicle supply and demand situation.”
New vehicle inventory on auto dealer lots rose to 3.23 million units in November, the third consecutive month of 90,000-unit growth.
ZeroSum projects vehicle movement will go from 1.17 million in November to 1.18 million in December.
“With inventory levels returning very close to pre-pandemic counts and vehicle movement not following suit, pressure in the marketplace is ramping up,” said Jeff Englishmen, “Persistent turn rates in the 30s and days-to-move now exceeding ten weeks are signals that dealers will have to be diligent in highlighting their supply in order to maximize competitiveness in this environment.”