Used-Car Sales Show Strong Rebound in May Says Detroit Bureau
Wells Fargo move to cut loans to independents hurts.
Detroit Jun 5, 2020; Michael Strong reporting for Detroit Bureau said that used vehicle sales came back strong in May compared with new vehicle sales.
New vehicle sales in May were better than expected, but overall were still down by about a third compared with last May. However, the real good news appears to be on the used-car side of the business appears to be on the rise.
Used car sales were down 5% in May compared with the previous month, including being down just 2.3% from the pre-pandemic forecast for the final week of May, according to according to Larry Dixon, senior director of valuation services, J.D. Power.
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