The auto industry’s love for leases created the ‘certified pre-owned car’ — and now the popular option is eating into new vehicle sales

Business Insider | Sep 11, 2020 at 2:00 AM
  • When it was time for Dan Prescott to replace his increasingly unreliable old jalopy, he figured he could scrape together enough money to buy a base-model Toyota Camry.
  • CPO sales hit a record 2.8 million vehicles in 2019, nearly double the volume at the beginning of the decade.
  • Prior to the coronavirus pandemic, which has slammed overall US car sales, Cox analysts saw the certified market on track to set another all-time high in 2020.