The March CPO result is the highest since September 2021 and is the third consecutive increase this year.
Source: Cox Automotive
March certified pre-owned (CPO) sales reached 219,360 units, up 14.3% from February’s 191,860, but down nearly 23.3% from March 2021, reported Cox Automotive on April 13. The March CPO result is the highest since September 2021 and is the third direct increase this year.
Used-vehicle sales in March were down nearly 12% from a year ago, according to Cox Automotive estimates. The seasonally adjusted annual rate, or SAAR, was 38 million in March, down from February’s revised 34 million and March 2021’s torrid pace of 43.1 million. Second-hand retail sales also fell in March, down about 11% from last March.
“Limited inventory of new vehicles has slowed the moderate-duty car segment due to reduced trade. And higher prices have slowed sales of older model year vehicles,” said Charles Chesbrough, Senior Economist at Cox Automotive “Sales are expected to be slightly lower this spring selling season.
CPO sales forecast revised downward for 2022
Cox Automotive’s guidance for 2022 was revised at the end of the first quarter. A downward revision of the CPO 2022 sales forecast bringing it to 2.8 million units. Due to fierce competition in nearly new vehicles, including car rental companies, CPO will struggle to set a record this year.
Originally posted on Vehicle Remarketing
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