U.S. new-vehicle sales slipped in January, but certified used-vehicle sales ushered in the new year with double-digit percentage increases.
And more growth is on the horizon.
Sales of certified used vehicles, which increased 15 percent to a record 2,112,761 units in 2013, could double within the next three to five years, the 2014 Manheim Used Car Market Report predicts.
The "CPO market has the potential to grow to more than 4 million units per year in short order," says the report, released last month at the National Automobile Dealers Association convention.
Tom Webb, Manheim's chief economist, describes "short order" as three to five years.
Certified used-vehicle sales got off to a strong start this year, rising 11 percent in January from a year earlier to 166,328 units.
In contrast, new-vehicle sales dipped 3 percent last month to 1,011,187 units. The slide was attributed largely to snow and bone-chilling temperatures that gripped much of the country.