The 1.66 million used vehicles sold at retail are up 11% year over year compared to March 2023 and the highest volume since March 2022.
September auction sales bolstered prices through the channel, but wholesale is at a crossroads, mainly from concerns about the UAW strike possibly slowing new retail sales and moving buyers into the used market.
All major market vehicle segments saw price declines year over year and all were down compared to the previous months, except for one.
With production levels returning to normal and retail demand only modestly improved, sales to fleet channels have increased dramatically.
Fleet sales have helped underpin the market improvement so far this year. Forecasts suggest fleet sales could increase by more than 40% year over year,
Higher prices and higher interest rates are slowing the seasonally adjusted annual rate of sales in the used market.
Higher interest rates, coupled with high gasoline prices and high vehicle prices, are keeping used sales in Q2 low.
Find out how the microchip shortage is affecting vehicle sales, how OEMs are prioritizing production, and why there's a demand for used vehicles.
Cadillac and Buick retail deliveries both increased by 43%, while Chevrolet’s all-electric Bolt EV delivered its best first-quarter sales ever.
Topics mentioned include a look at both fleet orders and retail sales trends of the past 60 days; the continued ramp up in vehicle production; fleet buying inclinations for model-year 2021; and more
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