February CPO Sales Increase By Double Digits – Remarketing


&#13
February’s CPO result is the highest since October 2021 and interrupts a six-month downward trend. - Source: Cox Automotive&#13

February’s CPO end result is the best since Oct 2021 and interrupts a six-thirty day period downward trend.

Supply: Cox Automotive

&#13

Licensed pre-owned (CPO) gross sales in February rose to 191,860 models, up 15.3% from January’s 166,309, but down virtually 8.5% from February 2021, Cox Automotive described March 11.

February’s CPO end result is the highest considering that October 2021 and interrupts a 6-thirty day period downward trend. CPO sales have been in decline because acquiring powerful product sales in Q2 and Q3 of 2021.

New-Motor vehicle Customers Transform Into CPO Prospective buyers

In 2021, the range of CPO customers who had been only browsing for a new car or truck at the commence of their purchase journey amplified by 226%, in accordance to findings from the 2021 Cox Automotive Car Buyer Journey Study. Even with inventory frustrations, dealers delivered a excellent purchaser working experience with 76% of CPO buyers indicating they had been highly pleased with their in general practical experience at the dealership/retailer in which they acquired their auto.

Buyers establish 5 main values that affect their selection to acquire a accredited pre-owned auto:

  • A CPO car or truck offers me peace of intellect – 53%
  • I trust CPO dealers extra than I rely on utilised-vehicle dealers – 41%
  • A CPO car is a much better value than a new car or truck – 38%
  • CPO allows me to get a luxurious car or truck in my price tag vary – 35%
  • CPO autos enable me to “trade up” or improve my recent auto – 25%

“Certified pre-owned (CPO) courses can be a excellent way for customers to bridge the hole concerning new and made use of automobiles,” stated Brian Moody, government editor, Autotrader. “Many shoppers want the stability of a new car or truck and the accompanying guarantee but have been priced out of the market place in certain segments. Applied automobiles are generally additional affordable but deficiency the certainty of a new car guarantee. CPO automobiles provide the best of both equally worlds, typically with new car or truck financing rates and warranties that extend up to 100,000 miles.”

A current Autotrader write-up highlights some of the very best CPO discounts on 2017-2021 models. Lots of automakers provide discounts and incentives to enable draw in buyers to their CPO systems – ranging from .99% APR financing for 36 months to 1.9% funding for 60 months.

Cox Automotive is forecasting a potent calendar year for CPO at 3 million units, an raise yr above calendar year and earlier mentioned the document set in 2019. This forecast is supported by what is predicted to be a document tax refund year and the attractiveness of licensed pre-owned cars to customers wanting like-new cars.

Originally posted on Car Remarketing



Resource backlink