Charlie Chesbrough shares insights on used-car market
Sales figures steady, prices ablaze in used-car market
Thursday August 30, 2018
Article Highlights
- If you think the East Coast is hot right now, look at what’s happening in the used-car market. Especially in terms of prices.
- One particular index measuring used-car prices is poised to reach its highest level in almost three years, the annual retail sales rate is approaching 40 million and dealers are showing optimism.
- Following a consignor and wholesale event last week, Cox Automotive senior economist Charlie Chesbrough had this to say about the used-car market: “After talking to dealers at the 2018 IARA Summer Roundtable, it’s clear that the used-vehicle business is good right now.
If you think the East Coast is hot right now, look at what’s happening in the used-car market. Especially in terms of prices.
One particular index measuring used-car prices is poised to reach its highest level in almost three years, the annual retail sales rate is approaching 40 million and dealers are showing optimism.
Granted, there could be some concern, specifically around supply.
Starting on the retail side, used-car sales this month are likely to remain steady with July’s figures, with the seasonally adjusted annualized rate actually seeing a nice bump.
That’s according to projections released Wednesday by Edmunds, which said the used-car retail market should once again reach 3.4 million sales for the month. The August used-car SAAR would then be 39.7 million, up from 39.5 million in July.
Following a consignor and wholesale event last week, Cox Automotive senior economist Charlie Chesbrough had this to say about the used-car market: “After talking to dealers at the 2018 IARA Summer Roundtable, it’s clear that the used-vehicle business is good right now.