All major market segments once again saw seasonally adjusted prices that were higher year over year in July.
Auctions received vehicles from a more diverse stream of sources in the last quarter as data could be signaling some inflection points in the market.
ANALYSIS: Used cars will no longer contribute to inflation. They should be a source of deflation in the months ahead.
Wholesale prices appear to have peaked the week before Thanksgiving as weekly prices have declined slightly in each of the last two weeks. But retail prices continue to increase.
The average listing price of about $27,000 is running 25% above year-ago levels and 38% over pre-pandemic 2019 levels.
With two months left in 2021, reaching the revised Cox Automotive CPO sales forecast of 2.7 million units – and possibly matching the 2.8 million record-setting 2019 level – remains within reach.
October figures show buyers are much more aggressive in purchasing than is typically the case in the fall. Combined sales into large rental, commercial, and government buyers were down 24% year-over-year in October.
Tight vehicle inventory continues to vex the auto industry while high prices deter buyers.
CPO sales are up 12% versus the same time in 2020 and are marginally above the same period in 2019 when a record-high 1,900,589 units were sold.
The sales conversion rate also increased last month and ended at a level higher than typical for August, indicating buyers have become more aggressive than they were in June and July.
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