Used vehicle sales rise in October

November 20, 2024

Used vehicle sales jumped nearly 7 percent between September and October, according to Cox Automotive’s vAuto data.

An estimated 1.4 million used vehicles were sold last month. It was a 12 percent increase from October 2023.

“Estimated retail sales for used vehicles surged in October, delivering the best volume result in the past three years,” said Scott Vanner, senior analyst of Economic and Industry Insights at Cox Automotive. “The certified pre-owned segment outperformed the overall used market with a double-digit increase but lagged slightly behind last year’s year-to-date total.”

CPO sales were up 11.4 percent from September with 203,272 units sold. CPO sales were behind October 2023 by 3,917 units, 1.9 percent.

The Cox Automotive report suggested the decrease was due to a lack of off-lease and trade-in units being added to the inventory. For the year, CPO sales are behind 2023’s pace by 3.9 percent.

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.