- Franchise dealers rated the used-vehicle sales environment as 68 on average, down from 70 in the second quarter.
- Independent dealers rated their sentiment as 53, up from 50 in the second quarter.
- Franchise dealers rated their used-vehicle inventory as 55, while independents rated it at 47.
Franchise dealers now view the pre-owned market more optimistically than the new-vehicle market, according to a new sentiment index from Cox Automotive.
The finding speaks to the current shift of car buyers with prime and subprime credit toward the used market. The shift comes as the average new-vehicle loan payment reached a record $504, about a $139 difference from the average used-vehicle loan payment, according to a recent Experian Automotive finding.
Franchise dealers also have a markedly more optimistic view than their independent counterparts, as tracked by the Cox Automotive Sentiment Index, which debuted earlier this month.