Retail sales start year with increase

March 6, 2024

Retail vehicle sales started the year with a sharp increase from the end of 2023.

According to vAuto Live Market View data provided by Cox Automotive, 1.354 million used vehicles were sold in January. That was an increase of 4.7 percent from December. It was the highest monthly total since August 2023.

Sales lagged behind January 2023, which had approximately 1.4 million.

“The year-over-year decline in sales last month may have been caused in some part by the harsh cold snap over much of the country,” said Jeremy Robb, senior director of Economic and Industry Insights at Cox Automotive. “But auto loan rates remain elevated as well, and that is holding down used-vehicle sales volumes. The good news for buyers: Retail prices are down roughly 4 percent versus 2023, and that can help with affordability as the tax-return season begins to accelerate in 2024.”

Certified pre-owned sales started the year with 201,621 vehicles sold. That was behind December’s total of 228,237. CPO sales finished 2023 with 2.64 million vehicle sold.

NIADA Author

The National Independent Automobile Dealers Association (NIADA) is among the nation’s largest trade associations, representing the used motor vehicle industry comprised of some 40,000 licensed used car dealers. Since 1946, NIADA has represented the voice and interests of used car dealers at the federal level in Washington D.C. Coupled with its state association network across the country, NIADA’s grass-roots framework provides a dual layer of advocacy unmatched in the used motor vehicle industry. For 75 years, NIADA has engineered programs and leveraged technology to fulfill its mission to advance, educate and promote the independent used car dealer. NIADA members subscribe to a strict Code of Ethics of duty, honor and integrity, and believe in the advancement of small business in support of the free-market system. More information about NIADA, visit www.niada.com.