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Used Vehicle Prices Climb Higher As Sales Pace Slows
The higher prices at used retail reflect strong wholesale values earlier in the spring, particularly for older, more affordable vehicles.
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SEARCHMENUSEARCHThe higher prices at used retail reflect strong wholesale values earlier in the spring, particularly for older, more affordable vehicles.
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A lower than normal sales conversion rate indicated December saw buyers with more bargaining power than typically seen for this time of year.
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After fleet sales ran far below historical averages for the last three years, increases in 2023 won't be close to levels before 2020.
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At the end of November, unsold used vehicles on dealer lots was about 4% higher than a year ago, with an average list price of $27,156.
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Days’ supply by end of November was 77% higher than at the same time a year ago and the highest since March 2021. While inventory is up from recent levels, it remains low by historical standards.
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The used car retailer that bought the ADESA auction group this year blames high used car prices and rising interest rates for sinking consumer demand.
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The luxury vehicle share sold increased to above 18% of total sales, lifting overall industry ATP, while non-luxury vehicle buyers on average paid more than $500 above sticker price.
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All eight major market segments again saw seasonally adjusted prices that were lower year over year last month, with compact cars showing the smallest decline.
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GM has overtaken Ford as the leader in the commercial channel, Ford remains on top in government fleet sales, while Stellantis’ share dropped.
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Three of Cox's companies are partnering up to help navigate the challenges of finding more vehicles in a constricted market.
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Executive vice president Chuck Tapp will replace the longtime remarketing industry executive who last year oversaw the merger of XLerate Group and America’s Auto Auction.
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