The U.S. auto sales industry sold 4,382,519 used vehicles in June, down 2.48% compared to a year ago. This contrasts to new vehicle sales of 1.3 million cars and light trucks, which once again begs the question if new vehicle prices are too high and driving people out of the market? About 80% of U.S. workers commute to work in a car or truck.
In all, there were 12.34 million used-car shoppers in June — about 2.8 per unit sold, which means demand should remain strong even in the ongoing weak U.S. economy with record levels of long term unemployed people. Automakers should consider that in one month about the same number of people shopped for a used vehicle as those who will buy a new vehicle at retail for the entire 2012 calendar year.
So-called franchised or factory authorized dealers, helped by trade-ins, in a new vehicle market that was up significantly at + 22%, achieved a +4.47% by gain, selling 1.684,843 units. The authorized dealer gain came at the cost of independent dealers, which slipped 7.96% with 1,474,409 units compared to a year ago, Independents are being squeezed since the Great Recession induced new auto sales slump that started in 2008 has severally restricted supplies of off-lease and late model used cars.
Private Party sales came in at 1,223,266, down 1%, according to the latest data from consultancy CNW research. Detroit Three wheels made up 63.45% of used sales, with Asian nameplates at 29.8% marketshare. European nameplates garnered 6.75% of the used market.
The total value of vehicles sold – excluding aftermarket products, interest on loans and so forth – for franchised dealers was $22.14 billion. For independent dealers, total value was $11.24 billion. Private Party sales came in at $8.14 billion.
Nearly 2.8 million used vehicles were financed, about 64% of the percent of all pre-owned transactions with 420,000 buyers getting pre-approved loans.