Used Car Market Report & Outlook
Cox Automotive releases ‘reinvented’ used-car market report at NADA 2018
Monday March 26, 2018
Article Highlights
- Cox Automotive released its new “Used Car Market Report & Outlook” book at the 2018 NADA Show in Las Vegas on Friday.
- Previously titled the “Manheim Used Car Market Report” — the revamped 23rd edition of the book has been expanded to combine in demand automotive industry data and insights with voices from across Cox Automotive's family of brands.
- “The U.S. economy in 2018 is ripe for continued strength in used-vehicle sales,” Cox Automotive chief economist Jonathan Smoke said in a news release. “But headwinds are growing, with the greatest risks being rising inflation, higher interest rates, and tightening credit. In this dynamic environment, a clear perspective on the trends impacting the industry is more important than ever.”
Cox Automotive released its new “Used Car Market Report & Outlook” book at the 2018 NADA Show in Las Vegas on Friday.
Previously titled the “Manheim Used Car Market Report” — the revamped 23rd edition of the book has been expanded to combine in demand automotive industry data and insights with voices from across Cox Automotive’s family of brands.
Last year, the industry saw higher used-car sales across the United States compared to 2016, while new-car sales dipped slightly below recent record levels, the report says.
Used vehicle sales rose 1.8-percent in 2017, and new vehicle sales fell nearly 2-percent compared to 2016, according to Cox Automotive data.
The report forecasts that last year’s trends will continue into 2018. It estimates that 39.5 used vehicles will be sold in 2018 — up from 39.3 million in 2017. And 16.7 new vehicles will be sold, down from the17.1 million new units sold last year.
With 2.644 million certified pre-owned units sold, franchised dealers set a new record for CPO sales in 2017 — the seventh year of consecutive increases.
“The U.S. economy in 2018 is ripe for continued strength in used-vehicle sales,” Cox Automotive chief economist Jonathan Smoke said in a news release. “But headwinds are growing, with the greatest risks being rising inflation, higher interest rates, and tightening credit. In this dynamic environment, a clear perspective on the trends impacting the industry is more important than ever.”