London, 12 May 2015: Technavio, the independent tech-focused global research firm, has published a report on the used car market in the US 2015-2019, which is expected to grow at a CAGR of 6.95% during the period 2014-2019.
The financing available for automobiles in the used car market in the US has made it easier for consumers to buy these vehicles, including high-priced models. Tools such as Trade-In Marketplace from AutoTrader.com and vAuto’s Provision help buyers ensure that they paying the right market price for their used car.
“Autonomous technology in automobiles is the latest trend and includes several new technologies such as lane change departure, blind-spot detection, cross traffic alerts, active cruise control, backup camera sensors, and many other innovations,” says Faisal Ghaus, Vice President of Technavio.
“Used car prices are expected to decline in the future as a result of these technological developments because too many people will be switching to shared autonomous vehicle schemes.”
Key Market Drivers
- Growing Demand for CPO Vehicles
- Buy Here, Pay Here Legislation
- Increased Pricing of New Cars
- Ease of Credit
- Increase in Used Vehicle Volume
Key Market Trends
- Increase in Online Retail Channels and Classifieds
- Improved Touch Point Management
- Adaptability to Autonomous Cars
Key Market Vendors
- AutoNation Inc.
- CarMax Inc.
- Penske Automotive Group Inc.
- Sonic Automotive Inc.
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
