Used Retail Vehicle Sales Decrease in September
Friday October 18, 2024
According to an analysis of Cox Automotive’s vAuto Live Market View data estimates, retail used-vehicle sales in September1 decreased by 9% month over month from August.
A total of 1.4 million used vehicles were sold at retail – from both franchised and independent dealers – during September, a 5% year-over-year increase. Days’ supply of used vehicles at the end of September was 47, up from a revised 45 days at the end of August.
Monthly Used-Vehicle Retail Sales Volume
“Similar to the previous two years, estimated retail sales for used vehicles moved lower in September,” said Scott Vanner, senior analyst of Economic and Industry Insights at Cox Automotive. “The certified pre-owned segment, in particular, fell much more than the overall used market. Additionally, adverse weather may have contributed to a sharper decline in month-end sales this year, making the decrease more pronounced than it might have been otherwise.”
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 Drop in September, Partly Due to Fewer Selling Days
Both overall retail used-vehicle sales and sales of certified pre-owned (CPO) vehicles decreased month over month in September, according to data reviewed by Cox Automotive. However, CPO sales in September were down 20.8% year over year, or 48,000 fewer units. In addition to fewer selling days, 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 182,551, a drop from 235,150 in August, marking a 22.4% decline. The year-to-date total CPO sales volume is 4.2% 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.