Used Car Dealers Industry Profile

Report Page Length: 10-12
Last Quarterly Update: 6/20/2022
SIC Codes: 5521
NAICS Codes: 441120
Chapters Include:
Industry Overview Trends & Challenges Industry Forecast
Quarterly Industry Update Call Prep Questions Website & Media Links
Business Challenges Financial Information Glossary & Acronyms
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Excerpt from Used Car Dealers Industry Profile

Companies in this industry sell a variety of used vehicles including passenger cars, light trucks, SUVs, and passenger and cargo vans. Major companies include CarMax, Car-Mart, and DriveTime (all based in the US), as well as Hanaten Co Ltd and Nextage (both based in Japan), Cargiant (UK), and Porr Equipment Services (Austria).

Leading countries for used car sales are the US, Europe, and Japan include Brazil, India, and China. There were more than 40 million used vehicles sold in 2019, according to Scientific American report. The US is the third-largest exporter of used vehicles, behind the European Union and Japan.

The US used car dealer industry includes about 25,000 dealers with combined annual revenue of about $100 billion. Auction houses and wholesalers that buy and sell used vehicles are not included in this industry. Dealers that sell both new and used vehicles are covered in a separate industry profile.

COMPETITIVE LANDSCAPE

Demand is driven by consumer spending and interest rates. The profitability of individual companies depends on high inventory turnover, exceptional customer service, and effective marketing. Large companies provide a wider variety of vehicles. Small companies can offer a boutique car-buying experience and provide more individualized customer service. The US industry is fragmented: the top 50 companies account for about 30% of revenue.

Used car dealers compete with the used car divisions of new car dealers and with private sellers. Dealers that offer repair ...

 
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