Used vehicle inventory levels at the start of December were unchanged from November but lower than in early December 2023 as used vehicle sales increased, according to the Cox Automotive analysis of vAuto Live Market View data released Dec. 20.
As December opened, the total supply of used vehicles on dealer lots – franchised and independent – across the U.S. was at 2.18 million units, unchanged from the 2.18 million units at the start of November and down 6% from a year ago.
The retail used-vehicle sales pace increased monthly in the most recent 30-day period. Used retail sales of 1.42 million vehicles during November were higher than the 1.39 million reported in October, an increase of 2%. Used-vehicle sales were seasonally stronger than normal last month and higher year over year by 13%.
The Cox Automotive days’ supply is based on the estimated daily retail sales rate for the most recent 30-day period. In early December, the days’ supply was 46, down one day from early November and nine days from last year. While we have seen lower days’ supply earlier in 2024, this is particularly tight for this time of year.
“Sales are running seasonally stronger than we usually see,” said Scott Vanner, senior analyst of economic and industry insights at Cox Automotive, in a news release. “As consumers shy away from bad weather and the holiday season cuts down on selling days, used sales trends in Q4 generally slow down a bit. This year, we are seeing stronger-than-usual performance, with sales up by double digits compared to last year.”