$173.9bn
$X.Xbn
260k
130k
$XX.Xbn
Used vehicle sales have heavily fluctuated through the current period due to an undersupply of new vehicles and a restrictive economic environment. In particular, the economy's post-pandemic recovery coincided with semiconductor and new car shortages in 2021, prompting growth in used car sales. Inflated disposable income and greater access to credit also encouraged vehicle purchases during part of the current period. Consumers turned to used cars amid new car lots shortages, bolstering revenue. Even so, climbing interest rates have deterred vehicle purchases in the latter half of the period. Revenue for used car dealers surged at an expected CAGR of 3.5%, reaching $173.9 billion through 2024, including a 0.5% jump in 2024, where profit will reach 2.6%.
Industry revenue has grown at a CAGR of 3.5 % over the past five years, to reach an estimated $173.9bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
---|---|---|---|---|
Carmax, Inc. | 22,006.5 | 1,241.9 | 5.6 | |
West Herr Automotive Group | 988.4 | 25.7 | 2.6 | |
Americas Car-Mart Inc. | 811.5 | 124.5 | 15.3 |
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Used Car Dealers in the US
Industry revenue is measured across several distinct product and services lines, including Used cars, Used vans, minivans, trucks and buses and Parts and repair services. Used cars is the largest segment of the Used Car Dealers in the US.
Used light-vehicle sales outpace used cars
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.
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NAICS 44112 - Used Car Dealers in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
A shortage of new cars prompted a surge in used car sales. A pandemic recovery simultaneously boosted consumer confidence, inflating demand for used vehicles.
Learn about an industry's products and services, markets and trends in international trade.
Improving vehicle quality supports demand for parts and repair services. Better vehicle designs lead to longer effective life spans, encouraging consumers to hold onto vehicl...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Car-friendly cities attract used car dealers. Cities with layouts that favor cars over public transportation and pedestrians provide more demand for used car dealers.
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
CarMax staves off competition through its unique business model. The largest used car dealer emphasizes convenience and quality, while traditional dealers focus on maximizing...
Learn about the performance of the top companies in the industry.
Major used car dealers supplement brick-and-mortar lots with online services. Brands like CarMax remain dominant through extensive e-commerce operations, enabling them to rea...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Companies receive little public support. Most used car dealers are members of various trade associations and benefit indirectly from government EV and infrastructure spending...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Profit surged amid new car shortages. Stimulus money, increased access to credit and new car shortages contributed to strong profit growth, especially in 2021.
Including values and annual change:
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Key data sources in the US include:
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These sources include:
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The market size of the Used Car Dealers in the US industry in United States is $173.9bn in 2024.
There are 130k businesses in the Used Car Dealers in the US industry in United States, which has declined at a CAGR of 0.2 % between 2019 and 2024.
The market size of the Used Car Dealers in the US industry in United States has been growing at a CAGR of 3.5 % between 2019 and 2024.
Over the next five years, the Used Car Dealers in the US industry in United States is expected to grow.
The biggest companies operating in the Used Car Dealers market in United States are Carmax, Inc., West Herr Automotive Group and Americas Car-Mart Inc.
Used cars and Used light-duty vehicles are part of the Used Car Dealers in the US industry.
The company holding the most market share in United States is Carmax, Inc..
The level of competition is high and increasing in the Used Car Dealers in the US industry in United States.