Nearly 70 Percent of July Used Sales Included Financing
Of the 4.58 million used sales in July, the number of subprime buyers jumped 12.8 percent on a year-over-year basis and 2.9 percent compared to June, according to CNW.
The deepest of subprime buyers — customers with FICO scores below 550 — also increased by double digits year-over-year. CNW indicated the amount of used-vehicle buyers in this category jumped 25.4 percent to 618,260 purchasers.
While that deep subprime pool is in the crosshairs for buy-here, pay-here dealers, CNW discovered sales in July for this segment slipped 9.3 percent versus a year ago.
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