Sales of used vehicles increased 4.5% in November compared to a year ago. Franchised dealers scoring the largest year-over-year increase at 10.3%. Independent dealers had an OK month up 5% while casual sales slipped 4% as the U.S. economy continues to rebound, albeit slowly. Trucks in particular are in demand.
With 80% of all workers commuting in vehicles, 38,711,288 previously owned cars and trucks have changed title so far this year with a total value from all three channels based on transaction prices at $29.12 billion, up +7.8% compared $27.01 billion in the comparable period. The record for used vehicle sales in one year occurred in 2005 at 44,138,263.
Franchised dealers’ transaction prices were up substantially compared to a year ago at +4.6% — after they slipped 1.6% in October, according to CNW Research. Independent dealers were flat compared to one year ago and down -1.2% vs. October.
Passenger cars made up 48% of sales from dealers and private parties in November, down from 53% in October and 49% in November of 2012.
CNW claims that a growing number of used-car buyers are traveling further from home to find the perfect vehicle at a particular price. CNW says there is a 44% increase over last year in the number of used-car shoppers who went outside of their marketing area to make an acquisition. The increase versus October was 8%.
Buy Here/Pay Here stores had a 15.6% increase in volume vs. year ago and a slight 1% gain vs. October.
With the shift toward truck acquisitions, Detroit Three products were up 14.8% compared to a year ago and 1.2% October with Asian used-vehicle sales down -2.7% and -5.8% respectively.
