Used-vehicle sales picked up the slack as new-car volume slipped in April, according to fresh data from Cox Automotive.
Used-vehicle sales volume increased 3% year over year, while new-vehicle sales fell 1.7%, even with one more selling day than April 2018, according to Cox Automotive’s monthly Manheim Used Vehicle Value Index report.
The April SAAR came in at 16.4 million, lower than Cox Auto’s forecast of 16.9 million announced on April 25. Year over year, the April SAAR dropped from 17.2 million.
April’s weak performance — down nearly 1 million units — followed a particularly strong March SAAR, which was fueled by delayed purchasing from a severe winter and aggressive fleet activity, Cox Auto Senior Economist Charlie Chesbrough said in a statement.
Also Read: Used-Vehicle Prices Will Climb as Inventory Dwindles, Manheim Says
Meanwhile, the April used-vehicle SAAR was 39.3 million, up from 39 million in March and 38.1 million in April 2018, the report said.
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