U.S. used-vehicle sales enjoyed a healthy bump in August, eclipsing deliveries among their newly minted counterparts.
Transactions of franchised and independent retailers combined jumped about 5% over July and by 8% year-over-year to about 1.6 million units, according to Cox Automotive data.
Sales were helped along by slightly lower prices – down half a percentage point month-over-month to an average listing price of $25,393, though that was up 1% year-over-year.
Cox analyst Scott Vanner, manager of economic and industry insights, hailed “resilient consumer demand.”
“Despite inventory challenges, the market continues to perform above expectations,” he said in the report.
The brisk sales pace cut into supply by one day’s worth to 43, down two days year-over-year, said Cox, which pegged inventory at its lowest for the time of year in three years and compared to this season in prepandemic 2019.
Certified preowned sales alone rose 7% over July and 1% year-over-year to an estimated 238,659. So far this year, CPO deliveries are about 3% above last year, according to Cox.
Auto retail experts are increasingly pointing to used sales as a key tool in buoying profits amid ongoing market affordability challenges for many consumers.
