Used Retail Vehicle Sales Pick Up Steam in August

According to an analysis of Cox Automotive’s vAuto Live Market View data estimates, retail used-vehicle sales in August increased from July. The 8% month-over-month gain pushed retail sales estimates to the highest level since October 2021. 

A total of 1.7 million used vehicles were sold at retail – from both franchised and independent dealers – during August, up 13.6% year over year. Days’ supply at the end of August was 42, up from a revised 41 days at the end of July. [Check back in the Newsroom on Friday, Sept. 20, for a full inventory report.]

Monthly Used-Vehicle Retail Sales Volume

“Used retail sales picked up steam in August as affordability in the used market improved slightly,” said Scott Vanner, senior analyst of Economic and Industry Insights at Cox Automotive. “The increase in sales is partly attributed to the change in inventory mix, with a notable rise in units sold priced under $15,000 in August.”

The retail used-vehicle sales estimates are based on observed unit changes tracked by vAuto, a Cox Automotive brand specializing in inventory management.

CPO Sales Increase in August but Remain Weak

Both overall retail used-vehicle sales and sales of certified pre-owned (CPO) vehicles increased month over month in August, according to data reviewed by Cox Automotive. However, CPO sales in August were down 3.3% year over year, or 23,588 fewer units. The decrease is likely due to a lack of supply of off-lease and trade-in units. CPO sales last month are now estimated at 235,150, up from 211,562 in July, an increase of 11.1%. Year-to-date total CPO sales volume is below the level this time last year by 2.0%. The year-end forecast for CPO remains steady at 2.6 million.