Data Point
CPO Sales Gaining Momentum
Wednesday May 15, 2019
Article Highlights
- Sales of certified pre-owned vehicles increased 6% year-over-year in April.
- For the month, 233,540 CPO units were sold.
- This brings the total CPO sales for 2019 to 910,578 units, up 2% year-to-date versus the same period last year.
Sales of certified pre-owned vehicles increased 6% year-over-year in April. For the month, 233,540 CPO units were sold. This brings the total CPO sales for 2019 to 910,578 units, up 2% year-to-date versus the same period last year.
This growth in CPO is in stark contrast to the weakness we continue to see with retail new-vehicle sales, which are down 4% for the year. Market trends such as rising interest rates, credit tightening, and talks about tariffs have put affordability front and center. As a result, consumers who may have purchased a new vehicle previously are now pushed into the used-vehicle market, and CPO offers them a compelling value proposition.
As the overall used-vehicle market continues to see strong consumer demand with favorable supply of off-lease units coming to market, the CPO market is primed to continue its growth into the spring selling season. Cox Automotive estimates that 2019 will be another record year for CPO sales.
The 2019 Car Buyer Journey Study uncovered from interesting trends about CPO buyers. Read more