Certified pre-owned (CPO) vehicles are now selling at a premium, with sales increased 11% YTD to 1,218,255 units.
Source: IHS Markit
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The CPO market has enjoyed consistent growth over the last three years, with 2020 being the outlier following the COVID-19 pandemic.
The cost of new vehicles is being felt by many customers, leading to the growing appeal of the CPO market.
Inventory shortages have affected almost every sector due to the ongoing semiconductor and microchip shortage globally, making it harder for new vehicles to come by.
CPO is a significant driver of loyalty. As COVID-related lease extensions end, CPO supply constraints will improve.