June used-vehicle sales were up from both May and the year-ago period, according to CNW Research, but apparently, they weren’t expected to be this strong.

CNW president Art Spinella explained that a “late-month surge in used-car shoppers and buyers in the franchised and private-party channels put the used-car market well above the mid-month projections.”

Total used sales for June came in at 4.49 million, per CNW data. This is up from 4.39 million used sales in May and 4.38 million during the same period last year.

The June sales results bring the year-to-date total to 20.14 million used sales, up from 19.39 million used sales during the same period of 2012.

And it seems both franchised and independent dealers got their share of the pie, with both groups seeing year-over-year sales increases. 

Franchised used sales came in at 1.74 million, which made up 38.79 percent of the total sales. It also marked a 3.35-percent rise in sales versus June of 2012.

Independent dealers followed closely behind with 1.53 million used sales, which made up 34.09 percent of the total.  Used sales for independents were up 3.82 percent from the same period of last year.

In direct correlation with increasing sales, Spinella shared that June saw a 3.8-percent increase in the number of used-vehicle shoppers versus the same period of 2012.

That said, the story differs for franchised and independent dealers.

While franchised dealers saw an increase of used-vehicle shoppers of 3.77 percent, independent dealerships experienced a significant 26.81-percent slide in used-vehicle shoppers in June.

And it seems used-car buyers are in a bit of a hurry to secure their next new ride, as the typical used-car buyer searched for a vehicle for 3.9 weeks before acquisition, down 10.64 percent from last year’s 4.4 weeks, Spinella shared.

Taking a moment to look at the finance side of the market, though used sales are up, the total value of used cars sold slipped 3.2 percent in June to $40.2 billion.

“This is compared to last year’s $41.5 billion because of lower transaction prices,” Spinella said.

Specifically, transaction prices for independent, franchised and private-party sales were down 5.5 percent to an average of $8,055.

But as used sales grow, more pre-owned vehicle are being financed, as well, with the number reaching 3 million this June versus 2.79 million last year.

For more on finance trends in June, tune in to tomorrow’s SubPrime News Update.

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