Used-Vehicle Sales Hold Steady in May as Inventory Tightens, Prices Dip

According to an analysis of Cox Automotive’s vAuto Live Market View data estimates, retail used-vehicle sales in May remained steady month over month compared to April. 

A total of 1.53 million used vehicles were sold at retail – from both franchised and independent dealers – during May, flat month over month and 4% higher compared to the previous year. Days’ supply of used vehicles in the most recent report was 43, down one day from the upwardly revised level at the beginning of May and down two days compared to the same time last year.

Monthly Used-Vehicle Retail Sales Volume

Scott Vanner, manager of Economic and Industry Insights at Cox Automotive, said: “While used-vehicle inventory dipped slightly in May, the market remains remarkably stable. Steady sales and a modest decline in listing prices suggest that consumer demand is holding firm – even as affordability challenges persist. The resilience we’re seeing, especially with strong performance from mainstream brands, underscores a healthy used-vehicle sector heading into summer.”

“Our data next month will be a challenge, as the year-over-year comparisons will be significant as we mark the anniversary of a cyberattack that impacted sales and inventory reporting,” Vanner noted. “Be ready for some large year-over-year shifts, which will be more about data reporting than actual market shifts.”

The retail used-vehicle sales estimates are based on observed unit changes tracked by vAuto, a Cox Automotive brand specializing in inventory management. The vAuto Live Market View database provides guidance on sales pace and volume over time. Full-year sales volume, based on registrations and other sources, is updated annually.

CPO Sales Down Slightly in May, Remains Up Year Over Year

Certified pre-owned (CPO) sales decreased 0.5% month over month in May, according to data reviewed by Cox Automotive. CPO sales in May were up 2.4% year over year. May’s CPO sales are estimated at 231,137, down only slightly from the strong 232,267 in April. Year-to-date, CPO sales are running 3.5% higher than the same period last year.

¹The estimated monthly retail used-vehicle sales number is based on vAuto Live Market View data from the most recent 30-day period. This change aligns the sales data in the monthly estimated sales report with the monthly inventory report. The historical data in the downloadable file has been updated to reflect comparable 30-day sales data.