Cox Automotive spotted multiple used-vehicle retail sales metrics softening in July on both a sequential and year-over-year comparison.

And experts see rough sledding for used-vehicle retailing for the rest of the year.

According to Cox Automotive estimates shared on Tuesday via a Data Point, July total used-vehicle sales landed near 3.1 million units, which would be down 13.9% from July of last year.

Experts also estimated the seasonally adjusted annual rate (SAAR), or sales pace, is to be near 36.0 million, down from last July’s 41.8 million level and below June’s revised 36.4 million pace.

Cox Automotive went on to state that retail used-vehicle sales — the volume of vehicles sold via a dealership, thus removing private party sales — are estimated to be down 13.1% from July 2021. The used retail sales pace slowed to 19.0 million in July from June’s revised reading of 19.2 million.

Year to date, experts said the total used market is currently on pace to finish the year down more than 12% from the 40.6 million recorded in 2021.

Cox Automotive senior economist Charles Chesbrough said in the Data Point: “Higher prices and higher interest rates are slowing sales in the used market. Sales of used vehicles will face increasing headwinds throughout 2022 as rising interest rates continue to slow economic activity.”