Tuesday, Dec. 17, 2013, 11:39 AM UPDATED 8:04 AMBy Auto Remarketing Staff
BANDON, Ore. -
CNW Research is predicting that both franchised and independent dealers will finish the year with used-vehicle sales on the upswing.
Analysts pegged the prospects to be especially good for franchised dealers, which CNW said are set to sell more than 1.24 million used vehicles this month. Should those stores hit that target, it would mark a gain of nearly 9 percent.
CNW president Art Spinella indicated in the firm’s latest Retail Automotive Summary that trucks would be responsible for more than half of that increase.
He said independent stores on are pace to turn 1.16 million used vehicles this month, representing a possible year-over-year gain of 2.1 percent.
Activity at dealerships is countering a 9.4-percent decline in private party used-vehicle sales that CNW is projecting for December.
Spinella also touched on who is coming into used showrooms this month.
“Women are returning to the used-car market similar to that noted on the new-car side of the business,” Spinella said.
“In 2007, 53 percent of used sales were sold to or for a female primary driver,” he continued. “In the recession, that slipped to under 40 percent. This year, nearly 46 percent of used sales were for a woman driver.
“The price for used vehicles for females still lags those purchased for men by $1,300. In 2011, the gap was $1,900,” Spinella went on to say.
No matter whether the potential buyer is a man or woman, CNW noted that pent-up demand for used vehicles continues to climb.
“The desire and/or need for buying a used vehicle continues to build the basis for future sales,” Spinella said.
CNW reported that early December data suggests a 9-percent increase in the number of people who will buy a used vehicle soon.
The firm also mentioned the fourth quarter produced an 8-percent increase in potential future customers.
“The number of months these consumers say they are away from an acquisition fell by 24 percent to 2.2 months in December clearly indicating a good start to the 2014 used-sales market,” Spinella said.
“Of those who postponed an acquisition earlier this year, 93 percent have made a used purchase,” he added.