Market Research Reports - Ken Research US Used Car Market Future Outlook

US Used Car Market Future Outlook: Ken Research
The report titled "The US Used Car Market Outlook 2016 - Driven by Late Model Used Cars"
provides a comprehensive analysis of the various aspects such as market size of the used car
market along with the overview of franchised used car dealers and independent used car
dealers. The report also covers the market share of the leading players of the used car dealers
in the US.
The used car market in the US is matured with a large retailer base and demanding consumers
with major emphasis on the quality of the products they purchase. The used car industry of the
US was valued at USD ~ million in 2011 which declined at a CAGR of 1.8% in the wake of the
recession and the automotive industry crisis.
The used car sales declined considerably by 0.5%, 14.0% in 2007 and 2008 respectively and
recorded sales revenue of USD ~ million and USD ~ million in 2007 and 2008 correspondingly.
Additionally, the considerable rise in the gasoline and diesel prices over the years have certainly
deterred to growth prospects of the used cars market in the US over the period. The general
supply of vehicle segments was altered due to the rising fuel prices and the new average fuel
economy ratings imposed by the US Government.
Automakers were focusing on their SUV. (Sports Utility Vehicle) and Pick-up truck segment
greatly which had very poor fuel economy. The sales of these segments were worsened. The
year 2009 saw the lowest unit sales of used cars at 35.5 million units.
The US used car industry has diverse product segments which have their own specific user base.
The review period of 2007-2011 saw drastic shifts in the consumer preferences for used cars.
The economy car was the largest segment in the used car industry which held 13.3% share in
total sales and registered sales of ~ units in 2011.
It was found in 2011 that a used car buyer spends an average of 18 hours to take a purchase
decision, out of which consumers spend almost ~% of their time on the internet. The time spent
online includes third party site, dealer sites, OEM sites and general searching.
The unit sales of used cars equally dispersed among the various channels of franchised dealers,
independent dealers and street sales. Around ~% of the sales were held by the franchised and
independent dealers each and rest ~% market share was attributed to street sales. CarMax was
the largest retailer of used cars in 2011 at ~ units sold along with revenue of USD ~million.
The total number of used car franchised dealers in the US declined from 21,495 franchised
dealerships in 2006 to ~ franchised dealerships in 2012. This was as a result of the alliances in
the industry during 2007 and the strategy of the car manufacturers to reduce the number of