In 2014, the industry posted record CPO sales for the fourth consecutive year, as dealers sold 2.34 million units, according to Autodata Corp.

A presentation from Cox Automotive in November forecasted another all-time high for CPO in 2015 and more record-breaking years down the road. Manheim chief economist Tom Webb has said the market could grow as high as 4 million to 5 million annual sales.

Amid this growth in the certified market, Auto Remarketing asked Bill Fox, the 2015 chairman of the National Automobile Dealers Association, about the importance of CPO within The Fox Dealerships family.

In an emailed Q-and-A with Auto Remarketing at the end of December, Fox — who is a partner in Fox Dealerships in upstate New York — said franchised dealers have put “an increased emphasis” on certified, given the records in recent years, and he also mentioned ways dealers can realize the full potential of CPO.

“To maximize potential, new-car dealers and their manufacturer partners should increase CPO marketing, which includes informing car buyers about the CPO benefits,” he said. “For example, the majority of car buyers are not aware that manufacturers are involved in the certification process.

“Most do not realize that CPO vehicles can be financed with competitive rates, which helps ease the upfront premium associated with CPO vehicles.”

As for his own stores within Fox Dealerships, he shared a bit about how they have fared in CPO and what kind of emphasis has been placed on certified.

“We’ve had greater success with some brands over others. Ultimately, it’s up to the car buyer to decide if he or she wants to invest in a slightly used vehicle or purchase a new one,” Fox said. “From a competition standpoint, new-car dealers can use CPO sales as a differentiator compared to other independent, used-vehicle retailers who do not have manufacturer-backed certification programs available.”

Editor’s Note: This is an excerpt from a feature in the January edition of Auto Remarketing, the on-site NADA Convention & Expo issue. Stay tuned for our NADA Convention Auto Remarketing Extra e-newsletters later this week for more.