Retail sales of used vehicles declined in June from the previous month amid an increase in wholesale prices, auto industry service company Cox Automotive said in a July 11 statement.
In total, 1.46 million units were sold last month, from both independent and franchise dealers, down 1.5 percent from May but up 2.4 percent from a year ago.
“The slight decrease in used-vehicle sales was anticipated following the spring surge, as this seasonal slowdown is typical for this time of year,” said Scott Vanner, manager of economic and industry insights at Cox.
“Demand remains robust as consumers seek affordable vehicle options and aim to get the most value for their money, with some potential new-car buyers turning to the used market instead.”…