Chris Frey, senior manager of economic and industry insights at Cox Automotive<\/cite><\/blockquote>\n\n\n\n\u201cThe current signs point to a normal rest of 2023,\u201d Frey said. \u201cThat is at least normal when compared to 2019. Normal feels like a win compared to the most recent two years.\u201d<\/p>\n\n\n\n
After a stronger than expected start to the year, sales have cooled in the second quarter. According to Cox Automotive data, sales are down 3 percent from 2022.<\/p>\n\n\n\n
The total supply of vehicles is down 10 percent, 256,000 units, at about 2.19 million. Frey pointed out that is a drastic improvement from March, when the supply was down 20 percent year over year.<\/p>\n\n\n\n
\u201cIt\u2019s a nice turnaround,\u201d Frey said. \u201cBut supply indeed remains challenged.\u201d<\/p>\n\n\n\n
The days of supply is at 46 days, down from last June\u2019s 50 days.<\/p>\n\n\n\n
\u201cIt\u2019s worth noting the day supply is fairly normal for this time of year, which is something we haven\u2019t seen for three years,\u201d Frey said. \u201cDealers are balancing their inventory to the sales rate, keeping days supply steady. Even as total supply continues to improve in the used market.\u201d<\/p>\n\n\n\n
The average list price is down from $28,050 a year ago to $27,266. The average mileage of listed used vehicles is up from 69,559 to 70,568, which Frey said has a direct correlation to the slow of new vehicle production during the pandemic.<\/p>\n\n\n\n
Certified pre-owned vehicle sales are approximately 15,000 units ahead of 2022. Frey said the expanded pool of available certified units has likely kept the pace of CPO sales up.<\/p>\n\n\n\n
\u201cOverall used inventory remains tight, but the potential inventory for CPO is a bit larger from the expanded program criteria,\u201d Frey said. \u201cFor the most part, we\u2019re expecting sales to track somewhat closely to 2022, with an increase in sales starting in October to finish the year around 2.6 million.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"The 2023 forecast for overall used vehicle sales has been downgraded slightly. In its mid-year review Tuesday, Cox…\n","protected":false},"author":1,"featured_media":4000,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"csco_singular_sidebar":"","csco_page_header_type":"","csco_appearance_grid":"","csco_page_load_nextpost":"","csco_post_video_location":[],"csco_post_video_location_hash":"","csco_post_video_url":"","csco_post_video_bg_start_time":0,"csco_post_video_bg_end_time":0,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[28,3],"tags":[],"class_list":{"0":"post-3999","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-independent","8":"category-industry","9":"cs-entry","10":"cs-video-wrap"},"_links":{"self":[{"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/posts\/3999","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/comments?post=3999"}],"version-history":[{"count":0,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/posts\/3999\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/media\/4000"}],"wp:attachment":[{"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/media?parent=3999"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/categories?post=3999"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/niada.com\/dashboard\/wp-json\/wp\/v2\/tags?post=3999"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}