Art Spinella
CNW Research
President
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Used vehicle sales dropped from $45.6B in value last July to $43.4B this July; Decline can be traced to last year’s extremely tight supply of in-demand models and this year’s significantly improved supply caused by trade-ins and a growing number of off-lease, off-commercial vehicles.
Another Influence on Lower Sales and Prices Was Smaller Pool of Used-Car Shoppers than Last Year:
July of 2012 saw 13.136M Americans actively searching for used car or truck, down from 13.997M a year ago.
Franchised Dealers Led Selling 1,794,317 Units w/ Average Transaction Price of $12,992:
Independent dealers sold 1,512,069 units at $7,410, Private Party 1,296,329 units at $6,823.
Sub-prime Borrowers Account for Larger Share of Market:
Accounted for 20.2% of sales in July 2012 vs. 17.2% last year.
