Used Retail Vehicle Sales Increase in October
Friday November 15, 2024
According to an analysis of Cox Automotive’s vAuto Live Market View data estimates, retail used-vehicle sales in October1 increased by nearly 7% month over month from September.
A total of 1.4 million used vehicles were sold at retail – from both franchised and independent dealers – during October, up 12% year over year. Days’ supply of used vehicles at the end of October was 45, down from a revised 48 days at the end of September.
Monthly Used-Vehicle Retail Sales Volume
“Estimated retail sales for used vehicles surged in October, delivering the best volume result in the past three years,” said Scott Vanner, senior analyst of Economic and Industry Insights at Cox Automotive. “The certified pre-owned segment outperformed the overall used market with a double-digit increase but lagged slightly behind last year’s year-to-date total.”
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 Month Over Month in October
Both overall retail used-vehicle sales and sales of certified pre-owned (CPO) vehicles increased month over month in October, according to data reviewed by Cox Automotive. However, CPO sales in October were down 1.9% year over year, or 3,917 fewer units. This decrease is likely due to the lack of supply of off-lease and trade-in units. Last month’s CPO sales are now estimated at 203,272, an increase from 182,551 in September, marking an 11.4% increase. The year-to-date total CPO sales volume is 3.9% lower compared to the same period last year. Cox Automotive’s year-end forecast for CPO remains steady at 2.6 million, with a minor surge expected at year-end.
1Beginning in Q4 2024, the 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. Previously, the estimate was based on sales reported within a calendar month.