CNW: Recalls Impact Used-Car Sales in June
Concerns over GM and other recalled vehicles drove shoppers to Asian and European models in June, according to data from CNW Research.
BANDON, Ore. —Total June used-car sales were up 0.53% vs. a year ago and 2.8% vs. May, according to CNW Research. However, concerns over buying a used General Motors and other recalled vehicles convinced many shoppers to seek out Asian and European models.
In fact, share of the used-car market for the Detroit Big Three slipped 1.3% vs. a year ago and 1.4% vs. May, according to CNW’s Art Spinella.
“Consumers are continuing to lean toward passenger cars rather than trucks, with share of cars of total sales jumping 1.6% vs. May of this year,” Spinella noted. “This is contrary to data vs. a year ago. Car share fell 15.4%.”
Franchised dealers were off about 5.7% compare to a year ago but were able to make a near 2% gain over May. Sales for independent dealers fell 5.36% vs. a year ago. However, independent dealers were also able to improve their sales by 2.11% vs. May.
Private party sales experienced a healthy 16.9% gain compared to June 2013, while increasing 4.46% from May of this year. Based on transaction prices, the total value of all used-car sales increased 17.3% over last year and 5% from May.
“Average transaction prices are up a comfortable 16.7% over a year ago as fresher and newer vehicles begin to enter the used-car market,” Spinella noted. “The number of total shoppers for a used vehicle in June was down 7.6% for franchised dealers, more than 29% for independent dealers and 5.6% for private party sales.”
Originally posted on F&I and Showroom
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