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North American Used Car Growth Opportunities

North American Used Car Growth Opportunities

Lack of New Cars for Sale and Demand for Digital and Contactless Services Influence Growth Strategies

RELEASE DATE
26-Oct-2021
REGION
North America
Deliverable Type
Market Research
Research Code: PC1D-01-00-00-00
SKU: AU02235-NA-MT_25838
AvailableYesPDF Download

$4,950.00

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SKU
AU02235-NA-MT_25838

North American Used Car Growth Opportunities
Published on: 26-Oct-2021 | SKU: AU02235-NA-MT_25838

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Description

The COVID-19 pandemic and global shortages of microchips have had a huge negative impact on the North American used car market (the United States and Canada). Factories and dealerships remained closed during lockdowns, which stalled car production and sales. After they reopened, the lack of microchips interrupted car production once more. Although in 2020 approximately 40.7 million used cars were sold (a decrease of 7.4% year over year), this market has experienced high demand as a result of low new car inventories.

The 2 countries analyzed in this report have different sized used car markets. In 2020, almost 93% of total North American used car sales occurred in the United States, and by 2026, this figure will remain practically unchanged. Also, used car prices in the United States have increased much faster than in Canada, which has driven Canadian used car exports to the United States.

In this study, the North American used car value chain is segmented into 3 sales channels: franchised dealerships, independent dealerships, and private (peer-to-peer) sales. Inside independent dealers, online-only players stand out as emerging and disrupting the market.

This research provides a comprehensive outlook on the used car market in North America and provides meaningful insights for automotive players looking to explore this unique and competitive market.

Author: Ingrid Schumann

Infographic
Table of Contents

Why Is It Increasingly Difficult to Grow?

The Strategic Imperative 8™

The Impact of the Top 3 Strategic Imperatives on the Used Car Industry

Growth Opportunities Fuel the Growth Pipeline Engine™

Used Car Market Scope of Analysis

Key Competitors for Used Car Market

Key Growth Metrics for Used Car Market

Growth Drivers for the Used Car Market

Growth Restraints for the Used Car Market

Forecast Assumptions, Used Car Market

Total Car Sales (Used and New Car Sales) Forecast

Used Car Sales Forecast by Country

Used Car Sales Forecast by Channel

Total Car Sales Forecast Analysis, Used Car Market

Used Car Sales Forecast Analysis by Country, Used Car Market

Used Car Sales Forecast Analysis by Channel, Used Car Market

Pricing Trends and Forecast Analysis, Used Car Market

Competitive Environment, Used Car Market

Used Car Market Dynamics

Used Car Market Dynamics (continued)

Used Car eRetailing Trends

Value Chain, Used Car Market

Comparative Benchmarking by Distribution Channel

Distribution Channel Benchmarking Parameters

Used Car Value Proposition Analysis

Used Car Value Proposition Analysis (continued)

Benefits of CPOs for OEMs and Dealers

OEM CPO Program—Mercedes-Benz

OEM CPO Program—Lexus

OEM CPO Program—Toyota

OEM CPO Program—Honda

OEM CPO Program—Chevrolet (General Motors)

Innovative Practices in Used Car Retailing—Carvana

Innovative Practices in Used Car Retailing—Canada Drives

Innovative Practices in Used Car Retailing—CarGurus

Market Characteristics, United States

Key Growth Metrics for Used Car Market, United States

Online Car Sales, United States

Online Car Sales, United States (continued)

Used Electric Car Purchase Benefits, United States

Rebate Programs for Used EVs, United States

Rebate Programs for Used EVs, United States (continued)

Used Car Sales Forecast, United States

Used Car Sales Forecast by Channel, United States

Forecast Analysis for Used Car Market, United States

Market Characteristics, Canada

Key Growth Metrics for Used Car Market, Canada

Rebate Programs for Used EVs, Canada

Rebate Programs for Used EVs, Canada (continued)

Used Car Sales Forecast, Canada

Used Car Sales Forecast by Channel, Canada

Forecast Analysis for Used Car Market, Canada

Growth Opportunity 1—Digital and Contactless Sales Processes

Growth Opportunity 1—Digital and Contactless Sales Processes (continued)

Growth Opportunity 2—Online Transactional Business Model

Growth Opportunity 2—Online Transactional Business Model (continued)

Growth Opportunity 3—Rent-a-car Experience at Dealerships

Growth Opportunity 3—Rent-a-car Experience at Dealerships (continued)

Your Next Steps

Why Frost, Why Now?

List of Exhibits

List of Exhibits (continued)

Legal Disclaimer

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Impacting your company's future growth potential.

The COVID-19 pandemic and global shortages of microchips have had a huge negative impact on the North American used car market (the United States and Canada). Factories and dealerships remained closed during lockdowns, which stalled car production and sales. After they reopened, the lack of microchips interrupted car production once more. Although in 2020 approximately 40.7 million used cars were sold (a decrease of 7.4% year over year), this market has experienced high demand as a result of low new car inventories. The 2 countries analyzed in this report have different sized used car markets. In 2020, almost 93% of total North American used car sales occurred in the United States, and by 2026, this figure will remain practically unchanged. Also, used car prices in the United States have increased much faster than in Canada, which has driven Canadian used car exports to the United States. In this study, the North American used car value chain is segmented into 3 sales channels: franchised dealerships, independent dealerships, and private (peer-to-peer) sales. Inside independent dealers, online-only players stand out as emerging and disrupting the market. This research provides a comprehensive outlook on the used car market in North America and provides meaningful insights for automotive players looking to explore this unique and competitive market. Author: Ingrid Schumann
More Information
Deliverable Type Market Research
No Index No
Podcast No
Author Ingrid Schumann
Industries Automotive
WIP Number PC1D-01-00-00-00
Is Prebook No
GPS Codes 9800-A6,9813-A6,9AF6-A6