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Used vehicle sales on pace to finish year at 35.9 million

December 18, 2023

Used vehicle sales finished November a little behind the 2022 total for the same month.

According to Cox Automotive data from analyzing vehicle registrations, 2.6 million used vehicles were sold in November. The estimate was just a few hundred off the November 2022 total.

The used market is on pace to finish at 35.9 million sales for the year. Last year, sales finished at 36.3 million.

“The used-vehicle market for this year is expected to finish just below last year’s performance,” said Chris Frey, senior manager of Economic and Industry Insights at Cox Automotive. “The strong headwinds that blew throughout 2023 – mainly rising interest rates and elevated consumer uncertainty – are being mitigated by lower used-vehicle prices and higher inventory.”

Used retail sales finished November at 1.4 million and are projected to finish at 18.3 million based on vAuto data released by Cox Automotive. The November sales were 200,000 behind October.

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.