2 More Used-Car Sales Forecasts
Not long after results shared by publicly traded dealer groups and investment analysts painted a clear picture of the second-quarter’s used-car market, industry observers began pinpointing a used-car sales total for July.
Starting with TrueCar, the company said Friday it anticipates that July will close with an estimated 3.31 million used sales, resulting in a new-to-used ratio of 1-to-2.3.
Meanwhile, the team at Edmunds.com is calling for approximately 3.22 million used-car sales for the month, resulting in a 36.2 million SAAR. In June, there were 2.94 million used sales with a SAAR of 36.7 million, Edmunds said in its analysis released Thursday.
CNW Research, which released its projections on Wednesday, was predicting that franchised dealers would sell 1.68 million used units in July, down 4.5 percent year-over-year, while independents were expected to move 1.47 million used cars (down 4.8 percent). Oddly enough, casual sales are likely to rise 10.6 percent and come in at 1.42 million.
All told, this would be 4.57 million used sales in July, down 0.4 percent year-over-year. CNW sheds a bit more light on why it is anticipating a softer month in this Auto Remarketing story.
As for the recently completed second quarter, KeyBanc Capital Markets found that stores generally saw used-sales volume climb. The majority of respondents in its June dealer survey — 64 percent, in fact — indicated a volume increase in the 0-to-10 percent range year-over-year.
However, the remaining 36 percent of dealer participants sustained year-over-year declines in used-sales volume of up to 5 percent.
“We believe retailers under our coverage will report largely at the high-end of this range driven by company specific actions such as competitive Internet tools, a wider range of inventory selection and multi-sourcing efforts,” KeyBanc analysts said.
Additional data points from the KeyBanc dealer survey can be found in this story from SubPrime Auto Finance News, Auto Remarketing's sister publication.
Editor's Note: Staff Writer Nick Zulovich contributed to this report.