Although relatively small, CPO is a mature market, Stowe said. It has gained more attention of late as more consumers appear to be getting priced out of new vehicles and with off-lease returns expected to peak in 2019.
But despite the added attention, CPO sales aren't keeping up with their potential, the J.D. Power executives said. After all, lease maturities, a good source of vehicles that are candidates for certification, are forecast to grow.
Although there are different takes on whether an off-lease tsunami is hitting the market, there is no denying there are a lot of used vehicles that were new in 2015 and 2016, which were both record years for sales.
"We see varying degrees of participation; that's just one of the realities we face," Stowe said. "It's the classic case of, the more we can communicate this to people, the more they understand and appreciate the benefits."