Used vehicle inventory rises in May

May 22, 2024

Used vehicle inventory is on the rise.

A report from Cox Automotive from reviewing vAuto data found 2.27 million in unsold used vehicles at the start of May. That was an increase of 50,000 from April. It was up 6 percent from May 2023.

“As tax refund season ended, the market saw a slowing of sales in both new and used vehicles,” said the Cox Automotive report. “Inventory levels of both increased through April. Used-vehicle days’ supply at the start of May was 46 days, compared with the revised 45 days at the start of April, a 2 percent increase. Against last year, days’ supply was unchanged at the beginning of May.”

The same report found the average listing price at $25,571, which was up from the April price of $25,536. The average mileage was 69,224.

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.