Used Car Sales Picking Up Amid Short Supply
Kelley Blue Book reports U.S. used-vehicle sales by franchised and independent dealers increased in October, improving by 7% month-over-month and 12% year-over-year. Citing data from sister company vAuto, analysts say that left dealers with a 45-day average supply to start November, a 6% decrease from the prior month.
“Americans may be heading back to the sales lot because it’s growing easier to qualify for a loan,” KBB’s Sean Tucker writes. “Loan approval rates and interest rates have improved for consumers after two recent cuts to the Federal Reserve’s benchmark interest rate.”
Among other trends and highlights, Tucker shares the latest CPO sales figures, average prices, auction data and more.
