CLEVELAND -

The July dealer survey conducted by KeyBanc Capital Markets showed that 88 percent of respondents enjoyed a used-vehicle sales increase year-over-year.

Half of the stores that participated generated a used sales lift of less than 5 percent, while a quarter of the dealers told KeyBanc that they had a sales gain between 5 and 10 percent.

Another 13 percent told the investment observers that they posted a used sales jump of more than 10 percent.

The remaining dealers that didn’t enjoy a sales gain year-over-year watched used sales soften by at least 5 percent.

In terms of gross profit on those used turns, 50 percent of dealers participating in KeyBanc’s survey made an extra $50 year-over-year while 13 percent watched used gross stay flat.

KeyBanc pointed out that “used vehicles appear under pressure” since 50 percent of dealers watched their gross profit on new models drop by more than $50.

“This is in line with our expectations based on our belief that dealers will adjust used-vehicle inventory mix to match consumer preferences faster, as appears to be playing out, while it may take a quarter or two to adjust the new-vehicle mix,” KeyBanc’s Brett Hoselton said in the survey recap.

For stores that might have already made a pivot with their new-model inventory, 25 percent of dealers surveyed enjoyed a $50 gain in new-unit gross.

Meanwhile in the F&I department, 50 percent watched gross stay flat year-over-year while 38 percent had an increase of more than $50 with the remainder sustaining a dip of more than $50.