Used Car Dealers in the US - Industry Market Research Report

New wheels: Rising per capita disposable income will likely support revenue and profit growth

Over the past five years, used vehicle sales have ballooned in the face of an undersupply of new vehicles and a restrictive economic environment. A pandemic recovery that coincided with a semiconductor shortage in 2021 prompted most of the Used Car Dealers industry's growth during the period. Inflated disposable income and greater access to credit encouraged vehicle purchases and consumers turned to used cars when they found new car lots empty. Over the past five years, revenue for used car dealers surged at a CAGR of 5.1%, reaching an estimated $181.2 billion in 2023. Inflationary pressure will reverse some of the growth in 2023, precipitating an estimated 4.4% decline. This industry sells used passenger vehicles, including passenger cars, light trucks, sports utility vehicles (SUVs) and passenger vans. Used car dealers also provide financing and insurance services. Dealerships that sell a mix of new and used vehicles are not included in this industry. This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.