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U.S. used-vehicle sales record set in 2021

The variety of used autos offered within the U.S. in 2021 hit an all-time document, in line with Cox Automotive, bolstered by a strong spring promoting season that analysts say will not be simply repeated.

Cox Automotive estimated that general used-vehicle gross sales for 2021 have been 40.9 million, a rise of about 10 p.c in contrast with 2020. Of these, an estimated 22.2 million have been retail gross sales — autos offered to shoppers by dealerships and different retailers equivalent to Carvana. That additionally was an all-time document, Cox stated, and mirrored a rise of almost 13 p.c 12 months over 12 months.

However the information will seemingly cease there, at the least for some time.

The used-car market will stay robust in spring 2022, however it’ll “wrestle to see any change in volumes” in contrast with the document quantities final spring, Cox Automotive Chief Economist Jonathan Smoke stated final week.

Cox Automotive, in a preliminary forecast, stated it’s predicting 2022 quantity will are available at 39.3 million used-vehicle gross sales in whole and 22.1 million used-vehicle gross sales at retail.

If the forecast holds, these numbers will land under 2021 quantity however nonetheless register barely increased than 2020’s whole used-vehicle gross sales of 37.3 million and used-vehicle retail gross sales of 19.8 million.

Cox Automotive analysts stated they anticipated used quantity to melt extra in subsequent years as lowered new-vehicle manufacturing in 2020, 2021 and 2022 cuts down the variety of autos accessible for the used market.

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