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North America Used Cars Market Trends

Report ID: GMI11138
Published Date: Aug 2024
Report Format: PDF

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North America Used Cars Market Trends

The increasing focus on sustainability and eco-friendly practices is providing significant market opportunities for the used cars industry. Dealerships and online platforms are emphasizing the availability of used electric and hybrid vehicles, aligning with the growing consumer demand for sustainable transportation options. Moreover, companies are adopting greener practices, such as offering digital documentation and paperless transactions, which appeal to environmentally conscious buyers.

For instance, in July 2024, online used car retailer Carvana introduced new features to enhance the experience of purchasing electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs) on its platform. These updates simplify the search and buying process for eco-friendly vehicles. A key improvement is the integration of Clean Vehicle Tax Credit information into the search results, clearly identifying which vehicles are eligible.

Furthermore, Carvana now enables qualified buyers to immediately apply up to USD 4,000 in tax credit savings during the checkout process, making these vehicles more financially accessible to customers. This trend is not only enhancing the marketability of used vehicles but also attracting a new demographic of buyers who prioritize environmental responsibility, thereby positively impacting the growth of the used car market in North America.

The integration of advanced artificial intelligence (AI) technologies for personalized customer experiences is propelling the market growth of used cars. Dealerships and online platforms are leveraging AI-driven tools to analyze consumer preferences, browsing behavior, and purchasing patterns to offer tailored recommendations. Virtual reality (VR) and augmented reality (AR) technologies are further being implemented to provide immersive virtual car tours, enhancing the customer’s buying experience. This technological integration is streamlining the decision-making process for consumers, reducing purchase times, and increasing customer satisfaction, thereby driving growth in the market across North America.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of used cars in North America reached USD 457.9 billion in 2023 and is likely to grow at over 9% CAGR through 2032, propelled by the increasing affordability of used electric vehicles (EVs).

The gasoline segment accounted for over 51% share in 2023, driven by extensive infrastructure for gasoline-powered vehicles.

The United States market held a 95% revenue share in 2023, fueled by high new car depreciation, certified pre-owned programs, and growing online platforms.

Asbury Automotive Group, Inc., AutoNation, Inc., CarMax, Inc., Carvana Co., Group 1 Automotive, Inc., Lithia Motors, Inc., Penske Automotive Group, Inc., Sonic Automotive, Inc., and Vroom, Inc.