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The average listing price of about $27,000 is running 25% above year-ago levels and 38% over pre-pandemic 2019 levels.
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With two months left in 2021, reaching the revised Cox Automotive CPO sales forecast of 2.7 million units – and possibly matching the 2.8 million record-setting 2019 level – remains within reach.
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October figures show buyers are much more aggressive in purchasing than is typically the case in the fall. Combined sales into large rental, commercial, and government buyers were down 24% year-over-year in October.
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Tight vehicle inventory continues to vex the auto industry while high prices deter buyers.
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CPO sales are up 12% versus the same time in 2020 and are marginally above the same period in 2019 when a record-high 1,900,589 units were sold.
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The sales conversion rate also increased last month and ended at a level higher than typical for August, indicating buyers have become more aggressive than they were in June and July.
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Chip shortages and surging demand are squeezing used vehicle sales while inflating prices.
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The Manheim Used Vehicle Value Index hit a record high of 203, and likely won't reach into the 200s again for several years.
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Demand has been healthy, inventories tight, and dealers have felt little pressure to lower prices.
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On a year-over-year basis, all major market segments saw seasonally adjusted price increases in April.
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