Cox Automotive Used Car Market Report
Used Car Sales Not Slowing Down
Friday June 1, 2018
Article Highlights
- A May 2018 Automotive News article published by James B. Treece reported that used car sales have continued to spike up from the previous fiscal quarter and it is predicted that they will remain high in the coming quarters.
- Cox Automotive’s 2018 Used Car Market Report and Outlook release noted that expectations for a bustling stock market were up due to the 2016 presidential election because of the “belief that lower taxes, lower regulation and more infrastructure spending would power the economy.”
- Cox Automotive’s report predicts that 39.5 million used vehicles will be sold in 2018 compared to 39.3 million in 2017.
We’ve all seen at least one CarMax superstore making a large blue and yellow presence on the side of the road somewhere. The giant used car seller is not slowing down – in fact, it plans to open dozens of new stores within the next few years – but neither are other used vehicle vendors such as Penske, Lithia, and Carvana. A May 2018 Automotive News article published by James B. Treece reported that used car sales have continued to spike up from the previous fiscal quarter and it is predicted that they will remain high in the coming quarters.
A 2018 report from Edmunds indicated that used car sales boomed in 2017 and the improving economy has been encouraging purchases for the past couple of years. CarMax is still the leading used car retailer by far, but several other companies are making a statement in the industry as well. Treece’s article mentioned market newcomer Carvana, which saw a whopping 122% increase in used vehicle sales in Q1 of the fiscal year. Most of the other used car sellers noted increases as well, though none were as significant.