Used-vehicle days’ supply fell from 53 to 41 in July.
Pexels/Erik McIean
Used-vehicle sales jumped in July after the CDK Global software outage ended in the first week of the month.
The 28% surge translated to 1.6 million units sold for the month through franchised and independent dealers, according to Cox Automotive estimates. That’s up 17% year-over-year.
Days’ supply fell from 53 to 41.
“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,” said Cox Senior Analyst of Economic and Industry Insights Scott Vanner.
The certified preowned segment was also up, by 2% to nearly 212,000 units, though volume was down 9% year-over-year, Cox said. Year-to-date CPO sales are so far down about 2% year-over-year.
