Used retail momentum continues from Q1

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CARY, N.C. –
Following an apparently strong first quarter in the used-vehicle retail market, Edmunds is forecasting that there will be 3.6 million pre-owned car sales this month.
That’s up from 3.4 million in March. The used-car SAAR for both months is 38.4 million, Edmunds said.
According to analysis from Cox Automotive that cited NADA, used-car sales climbed 5 percent in the year’s first two months. There was a 6-percent hike for franchised dealers during that time frame and a 7-percent jump for independents, the report said.
“At retail, the used-vehicle market remains healthy, and dealers have needed only a modest decline in auction pricing to maintain acceptable inventory turn rates,” Cox Automotive chief economist Tom Webb said in the report.
In March, according to a report from KAR Auction Services chief economist Tom Kontos — also citing NADA — franchised and independent dealers combined to lift their sales 1.6 percent year-over-year in March and 9.3 percent sequentially.
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