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What Dealers Can Expect From the Used Car Market in the Second Half of 2022
Earlier this year, we saw extremely high levels of demand for used cars, continued inventory shortages, and rising prices. Will this trend continue...
1 min read
We recently published our January Market First Report which showed trends in the new vehicle market as inventory shortages continued. Since then, we have received several inquiries about the used car market and you will find a supplement to our automotive data and sales forecast report below.
Used Vehicle Inventory and Movement
After four consecutive months of declining inventory levels, used vehicle inventory rose over 6% in January 2022. Although inventory is still down about 10% year-over-year, this may signal a turning point for the market.
Inventory Movement
As the inventory shortage continued, more used cars were moved off lots than were added to inventory for most of 2021. However, in January 2022, more cars were added than moved. This is the first time the market has seen this since June 2021. While less units were added than last month, inventory levels are still looking stronger than in December.
In case you missed it...
To recap, the January new car market started with 13% more new vehicles on the ground that December. However, 17% fewer vehicles were added to dealer's inventory in January than December. Turn rate decreased to 88% and average MSRP declined by 1%. Read the full report here.
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About ZeroSum
ZeroSum is a leader in software, marketing, and data. Powered by its SaaS platform, MarketAI, ZeroSum is simplifying and modernizing automotive marketing by leveraging artificial intelligence, data, and scaling ability to acquire new customers. ZeroSum is the first and only company that matches consumer demand with automotive data in real time. For more information, visit https://zerosum.ai.
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Inventory vs Marketing: Here's What the Data Shows Us
Dealerships across the country can sit back, relax and turn their core model inventory faster than ever before. But the uptick in turn rate on core...
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Used Car Market Trends and Updates: What Will Rising Loan Rates and Less Inventory Mean for Auto Dealers?
In 2022, we have seen demand for used cars increase as a result of very limited new vehicle inventory and high prices. Now, used cars are becoming...