Used vehicle sales lagged in April, as inventory continues to be a challenge.
According to new numbers from Cox Automotive, used vehicles sales were down 1.7 percent from April 2022. The report estimated sales at 3.1 million units.
The total raised the seasonally adjusted annual rate to 34.5 million, which was up from the March tally of 34.2 million.
“The supply of used vehicles at dealerships is near its lowest point in our data, which goes back to 2019. Finding the right product at the right price is more challenging for used vehicle buyers today,” said Charlie Chesbrough, senior economist at Cox Automotive.
Recent vAuto data from Cox Automotive estimated the total of unsold vehicles on lots in the last week of April at 2.11 million. That was a slight increase from the March tally of 2.06 million. The days of supply was at 41, down three days from March.
The Cox Automotive report indicated retail used vehicle sales were down 1.2 percent from last April, with 1.6 million sold. That was down from the March estimate of 1.8 million.
The annual pace for retail sales was 18.3 million, an increase from the revised total 18.1 million in March.
The updated annual forecast from Cox released after the first quarter expected total sales for used vehicles to be on par with 2022, with a total of 36.2 million.