Used Car Market in North America 2016–2022

Used Car Market to Transform by 2022 with Increased Online Sales and Pre-owned Leased Vehicle Sales

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The North American used car market is almost 2.5-times bigger than the new car market and that ratio is not going to reduce anytime soon. This study captures the growth of the used car market until 2022 and assesses the factors impacting this market such as pricing pressures from the increasing number of off-lease vehicles entering the used car market. Disruptive market participants in the retailing of used cars, original equipment manufacturers’ (OEMs') involvement in promoting used cars, and innovative purchase options are covered as part of this research. Analysis of alternate powertrain vehicles and their impact on the used car market is also covered as part of this research.

Table of Contents

Executive SummaryExecutive Summary—Snapshot of Used Car IndustryUsed Car Sales versus New Car SalesUsed Car Market DynamicsGrowth of Used Car Sales in North AmericaSales Forecast by Distribution Channel and Vehicle AgeUsed Car Market—Market Share by AgeRental Vehicles’ Impact on Used Car MarketLuxury Rental Vehicles’ Impact on Used Car MarketUsed Car Sales Regional AnalysisComparing Online Business ModelsUsed Car Sales—100% Online TransactionFrost & Sullivan GI Quadrant—Tech DisrupterseBay Motors—The Biggest Competition YetCPO Market ShareCompetitive Benchmarking of OEM CPO ProgramsCompetitive Benchmarking of OEM CPO Programs (continued)Benchmarking OEM’s Initiatives in Used Car MarketDealerships Exposure in Used Car SalesUsed Car Financing Options Evolution of Used Car Leasing—New OpportunitiesUsed Car Leasing Model—Online DisruptorsImpact of Leasing and CPO on Purchasing TrendsSnapshot of Used Electric VehiclesMarket Dynamics of Used Alternate Powertrain VehiclesKey Findings and Future Outlook Research Scope, Objectives, and MethodologyResearch ScopeResearch Aims and ObjectivesKey Questions this Study will AnswerResearch Methodology Dynamics of the Used Car MarketUsed Car Market DynamicsMacroeconomic Trends and InfluencesUsed Car Market Pricing TrendsUsed Car eRetailing TrendsLegislation Affecting the North American Used Car MarketValue Chain—Used Car MarketComparative Benchmarking by Distribution ChannelDistribution Channel Benchmarking ParametersUsed Car Value Proposition AnalysisCompetitive Benchmarking of OEM CPO ProgramsCompetitive Benchmarking of OEM CPO Programs (continued)Buyers’ Expectations for Certified Used CarCarMax’s No Haggle No Hassle ExperienceDynamics of Used Alternate Powertrain VehiclesMarket Dynamics & Trends of Used Alternate Powertrain VehiclesBenefit Analysis of Leasing New EV over Buying Used EVPrice Retention of Alternate Powertrain VehicleMarket Sizing and Forecasting by Powertrain, Vehicle Age, and Distribution Channel Total Used Car—Unit Sales ForecastGasoline Vehicles Unit Sales ForecastHybrid Vehicles Unit Sales ForecastElectric Vehicles Unit Sales ForecastUsed Car Market—Market Share by AgeDistribution Channel of Used CarsSales Forecast by Distribution Channel and Vehicle AgeDistribution Channel AnalysisProfiles of Key OEMs and their StrategiesBenefits of Pre-Owned Cars for OEMs and DealersImportance of CPO Program for the OEM and the DealershipToyota Certified Used Cars DivisionAudi Certified Pre-Owned DivisionFord Certified Pre-Owned DivisionGM Certified DivisionTesla’s Pre-Owned Car DivisionInnovative Practices in Used Car Retailing 100% Online Business Model—BeepiShift Auto’s Online MarketplaceEvolution of Used Car Leasing—New OpportunitiesImpact of Leasing on Used Car MarketUsed Car LeasingConclusionKey ConclusionsKey Conclusions (continued)Key Findings and Future Outlook The Last Word—3 Big PredictionsTop 5 Growth OpportunitiesLegal DisclaimerAppendixMarket Engineering MethodologyAbbreviations and Acronyms Used

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