Following a report from the Federal Reserve indicating a rather mixed bag of results from its regions where contacts shared used-car sales numbers, Auto Remarketing reached out to Cross-Sell Reports — a division of Dominion Dealer Solutions — for additional insight into how the used-car market has fared in various states throughout the U.S.
Contained in the Cross-Sell chart below are the October retail used-car unit sales numbers from 21 states. Of the states included in this list, Texas led the way with 285,950 used retail sales in October, followed by Florida (227,207), Ohio (166,329), Illinois (119,701) and North Carolina (119,294). Also eclipsing the 100,000-unit sale mark was Indiana (102,095).
*Chart provided courtesy of Cross-Sell Reports.
To obtain these numbers, Cross-Sell buys data from the individual state offices that govern vehicle titles, which is most cases, is the respective state’s department of motor vehicles, the company said on its website.
Federal Reserve Spots Reports of 'Mixed' Used-Car Market
When recapping reports from contacts detailing used-car activity in their respective regions, the Federal Reserve’s latest Beige Book described the used-sales market in the latest reporting period as “mixed.”
The report was released on Wednesday and includes data reported on or before Nov. 22, the Fed explained. The prior Beige Book report was released on Oct. 16.
Starting off with insight from the Second District (New York), the report summed up used sales as “soft,” but did offer some silver linings, one of those being strength in new-car sales and another being solid wholesale conditions.
“Sales of used automobiles, in contrast, have remained soft,” the report indicated. “Wholesale and retail credit conditions for auto purchases are again reported to be in good shape.”
Next up in the used-car roundup is Cleveland, where a “large” month-over-month hike in used sales was reported for October, the Fed reported.
The strength in used sales was illustrated in even further detail in the Eighth District (Cleveland). The
Fed pointed out that a third of its contacts said their used sales increased compared to new sales. It was vice versa for a quarter of the Fed’s contacts.