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Low Offer of New Cars and Strong Demand for Private Transport Impact on the Used Car Market of United States and Canada
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North American used car market (which comprises United States and Canada) has been strongly impacted by the COVID-19 pandemic and the global microchip shortages. Among the effects, factories and dealerships had to remain closed during lockdowns, which affected car production and sales. After they were allowed to reopen, the lack of microchips has interrupted car’s production once more. Although in 2020 40.7 million used cars were sold (a decrease of 7.4% year over year), this market has been in high demand due to the low inventories of new cars. In 2020, almost 93% of these sales occurred in the United States, and by 2026 this percentage is expected to remain practically unchanged. As it can be noted, the two countries analyzed have different sizes of car market: according to our statistics, used car sales in Canada represent approximately 8% compared to U.S. sales. In this study, the used car value chain in North America is segmented in three sales channels: franchised dealerships, independent dealerships and private (peer-to-peer) sales. Inside independent dealers, online-only players have been emerging and disrupting the market. This research will provide a comprehensive outlook on the used car market in North America and will provide meaningful insights for automotive players wishing to explore this unique and competitive market.
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