» Used compact cars remain popular according to Dealertrack Canada’s Online Credit Application Network

Used compact cars remain popular according to Dealertrack Canada’s Online Credit Application Network

Contrasting the trends in new vehicle showrooms, used compact cars remain popular according to Cox Automotive Canada’s Dealertrack Online Credit Application Network.

Dealertrack

Contrasting the trends in new vehicle showrooms, used compact cars remain popular according to Cox Automotive Canada’s Dealertrack Online Credit Application Network.

Based on Dealertrack data for May 2018, three used compact cars—the Chevrolet Cruze, Hyundai Elantra, and Toyota Corolla—moved ahead of the 7th-place Ford F-150 full-size pickup truck to take the 4th through 6th spots based on overall volume among the Top 10 Funded Used Vehicles*.

Along with the 2nd-place Honda Civic, four of the top 10 vehicles on the Dealertrack Network remain compact cars.

Dealertrack

Overall, the Average Cash Price of the Top 10 Funded Used Vehicles in the Dealertrack Online Credit Application Network remained steady, with a 0.1% increase compared to the previous month, and a 3.1% increase compared to May 2017.

With an Average Cash Price increase to $21,682 last month, the 3rd-place Dodge Grand Caravan minivan recorded the largest month-to-month (12.6%) and year-to-year (3.7%) Average Cash Price gains.

Down 2.2%, both the Ford F-150 and the 1st-place Ram 1500 full-size pickup trucks recorded the most substantial month-over-month Average Cash Price decrease, to $30,306 and $31,970, respectively. The 8th-place Ford Escape compact SUV saw the largest annual reduction with a 1.4% drop to $18,495.

Dealertrack

One of the benefits Dealertrack Canada clients have is the ability to gain more business intelligence with the use of data.

For example, used vehicle buyers are more likely to be loyal to a dealer that expresses an interest in protecting them, such as offering products like extended warranties. But which used vehicles are buyers more likely to purchase a long-term protection package for?

According to Dealertrack data, the average Top 10 Funded Used Vehicle last month saw 44% of buyers purchase an extended warranty.

With 53% of buyers opting for a longer care package, the Dodge Journey SUV had the highest uptake on extended warranty purchase.

In contrast, the Toyota Corolla recorded the lowest absorption, with just 33% of buyers opting for an extended warranty.

In Canada, over 5.2 Million credit applications are submitted annually through Dealertrack Network for vehicle financing. Our reports are designed to leverage this information and provide insights to help Canadian automotive dealers, lenders, OEMs, third-party retailers, agents and aftermarket providers identify opportunities to improve business results.

Want to see the full top funded used vehicle report or learn about other reports available from Dealertrack Canada? Call us at (866) 830-3863 or email us at dealersupport@dealertrack.com.

Source: Dealertrack Canada

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