Used Retail Vehicle Sales Increase in May

According to an analysis of Cox Automotive’s vAuto Live Market View data estimates, retail used-vehicle sales in May increased from April and were up by 15.9% month over month. A total of 1.62 million used vehicles were sold at retail – from both franchised and independent dealers – during May, up 15.8% year over year. Days’ supply at the start of May was 48, up from a revised 45 days at the beginning of April. Thanks in part to a pick-up in sales, used-vehicle inventory at the start of June had dropped back to 45 days’ supply.

 Monthly Used-Vehicle Retail Sales Volume

“Following a less-than-spectacular spring selling season, May used-vehicle retail sales rebounded to the highest level so far this year,” said Scott Vanner, senior analyst of Economic and Industry Insights at Cox Automotive. “In fact, used retail sales volume is higher than any month since March 2022, when tax refunds were juicing the market.”

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 Volume Up in May

Both overall retail used-vehicle sales and sales of certified pre-owned (CPO) vehicles increased month over month in May, according to data reviewed by Cox Automotive. CPO sales in May were up 2.8%, or over 6,000 units, compared to May 2023. CPO sales last month are now estimated at 225,704, up from 209,265 in April, an increase of 7.9%. Year-to-date total CPO sales volume is higher by only 0.7% compared to last year.