The hottest part of the car dealerships’ lots this summer might just be where the used cars are parked. Not only have inventories been boosted by more than 4 million vehicles coming off lease this year, but with tariff talk threatening to raise the price of new cars, the mid-year market seems primed for pre-owned models.
Cox Automotive reports sales of certified pre-owned or “CPO” vehicles increased 6 percent year-over-year in April as 233,540 CPO units were sold. The latest numbers show more used cars were sold in March and April than compared with the same two months a year ago. Cox says that brings total CPO sales for 2019 to 910,578 units, up 2 percent year-to-date versus the same period last year. “This growth in CPO is in stark contrast to the weakness we continue to see with retail new-vehicle sales, which are down 4 percent for the year,” Cox reports in its monthly update.