CARY, N.C. -

UPDATE: Cox Automotive has updated its reporting of November used-car sales figures, based on registration data not previously available. 

The company now estimates there were a shade under 3 million total used vehicles sold in November, which beat year-ago figures by 3%.

The total used-car SAAR was projected at 39.1 million, beating the November 2020 figure of 38.1 million. The revised October used-car SAAR was 40.7 million, Cox Automotive said.

The company estimated that retail used-car sales – meaning those involving a dealer – climbed 6% from November 2020.

It calculated the used retail SAAR at approximately 21.4 million, compared to 20.2 million a year ago.

The October used retail SAAR was 22.2 million.

 

There was a 2% drop in total used-vehicle sales last month, but the rate of sales among dealerships moved forward slightly, according to data from Cox Automotive.

In a report around its latest Manheim Used Vehicle Value Index, the company said the total used-car SAAR was an estimated 37.2 million in November, steady with October, but softer than November 2020, when the total used-car SAAR was at 38.1 million.

Looking at its metric specific to dealer sales, Cox Automotive said the retail used-car SAAR was an estimated 20.4 million last month, beating the year-ago figure of 20.2 million and steady with October’s rate.

On the supply side, Cox said used-car retail supply was at 49 days at the end of November, citing its rolling seven-day estimate based on data from vAuto.

The normal level of used-car supply is 44 days, the company said.

Elsewhere, Black Book said in its weekly Market Insights report released Wednesday that used-vehicle retail listings are now 16% lower than the beginning of 2021.

This is atypical: during the same week last year, listings were down between 5-10%; in 2019, they were up 10-15% for the same week, according to the Black Book data.

“Generally, at this time of year, used retail listing volume is expected to increase as new models are launched and incentive spend increases … With significantly reduced new inventory volume and decreasing used inventory, it is no surprise that there are fewer retail listings available overall,” Black Book analysts said in the report.

The company pegged the turn time for used-car listings at 38 days, which is up from recent weeks but lower than usual levels.