Retail used car sales are up 4.3% year-to-date, according to Manheim Chief Economist Jonathan Smoke’s Industry Insights.
Unit sales have improved at both franchise and independent dealerships, however, larger growth has come from the independents. Year-to-date, used-vehicle sales have grown 5.2% at independent dealerships compared to 3% at franchise dealerships.
One factor that smoke notes as a contributor to this growth in the used vehicle arena is the low levels of unemployment that the U.S. is experiencing.
“The economic foundation for vehicle demand continues to be a good news story,” noted Smoke’s Industry Insights. “Growth continues, which should favor continued employment strength and a confident consumer willing and able to spend.”