Sales of certified pre-owned vehicles fell by 7% from sales posted in April 2022, according to industry expert Cox Automotive. The year-over-year decline is hovering at 17.5%. The drop in May is attributed to several factors, including an expected seasonal drop, as sales typically dip in May, and reduced inventory as rental agencies gobble up the already limited inventory of certified pre-owned vehicles.
Authorities at Cox Auto point out that this decline ends a four-month period of consistent increases as sales in May totaled only 208,423 units, dropping from April’s 223,999. Despite being down 7%, experts indicate that this remains the best year-over-year performance to date in 2022. As well, according to Chris Frey, Senior Manager of Economic and Industry Insights at Cox, “CPO sales are on track to finish near 2.3 million in 2022, down nearly 18% from last year’s 2.7 million.”
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