Retail used vehicle sales saw a significant increase in July, jumping 27.6% from June, according to Cox Automotive’s vAuto Live Market View data. This surge brought the total number of used vehicles sold at retail to 1.6 million, a 16.5% rise compared to July 2023. The days’ supply of used vehicles in July also dropped to 41, down from a revised 53 days in June, indicating a strong demand in the market.
The notable increase in sales comes as the industry recovers from the mid-June CDK outage, which disrupted reporting sales and inventory levels. The outage initially inflated days’ supply levels and suppressed sales figures, but the July data shows these metrics are now stabilizing.
Scott Vanner, Senior Analyst of Economic and Industry Insights at Cox Automotive, highlighted the market’s resilience, stating, “July experienced a noticeable increase in used-vehicle sales, likely signaling a healthy used-vehicle retail market plus some recovery of lost sales from June.”
In addition to the overall rise in retail used-vehicle sales, certified pre-owned (CPO) vehicle sales also saw a slight uptick in July. CPO sales increased by 1.5% from June, reaching 211,562 units. However, compared to July 2023, CPO sales were down by 8.5%, with 19,566 fewer units sold. Year-to-date, total CPO sales volume remains 1.8% lower than the same period last year.
The sales recovery and the inventory level adjustments following the CDK outage indicate a stabilizing market. July’s figures suggest a healthy and robust demand for used vehicles as the industry progresses.