• June and July set consecutive records as KMA’s strongest CPO sales months ever
• The number of off-lease Kias offered as Certified Pre-Owned is expected to double in 2016
• “Industry CPO sales expected to skyrocket to four million by the end of the decade” – Autotrader.com
Autodata’s July CPO retail sales report confirms that when it comes to pre-owned vehicles, Kia is one of the fastest-growing brands in the industry, with an impressive three percent market share in Certified Pre-Owned sales for the month of July. Following an all-time high in June, July marks Kia’s second-strongest month in CPO sales ever. With gains of over 20 percent in both months over the same periods last year, these consecutive sales records give the automaker major reason to celebrate its CPO segment this summer.
Kia’s sales boost is reflective of an overall industry trend, with CPO sales on the rise in a major way. Previously dominated almost exclusively by the luxury market, leasing is now more widely available across all brands. As vehicles come off lease, they create a substantial pool of late-model, low-mileage cars that can be remarketed as Certified Pre-Owned. “With household budgets squeezed, CPO vehicles represent a great opportunity for consumers, especially Kia customers who place such emphasis on affordability and value,” said Michelle Krebs, a senior analyst at AutoTrader.
KMA’s rigorous CPO program accepts only Kia vehicles that are five years or newer with fewer than 60,000 miles on the odometer and every vehicle undergoes a meticulous 150-point Quality Assurance inspection by certified Kia technicians. CPO vehicles also come with Kia’s industry-leading 10-year /100,000-mile powertrain warranty and 12-month /12,000 mile-Platinum Coverage. Whether it’s the iconic Soul, the standout Sportage, or the midsize Optima sedan that drivers desire, customers get a great price matched with guaranteed quality, bypassing the stress, risk and uncertainty that typically comes with buying a used car.
There’s no slowdown in sight for the Certified Pre-Owned market. In 2015, total CPO sales across all brands hit a high of 2.6 million vehicles, while Kia has seen double-digit gains in CPO sales (12 percent from January to April) as more vehicles come off-lease. “CPO sales growth will skyrocket in the near future, approaching three million in the next couple of years and surpassing four million by the end of the decade,” predicted Krebs. “A robust CPO program will be critical to automakers and their dealers to build sales and customer loyalty, and maintain strong residual values for leasing customers and buyers trading in their vehicles.”
About Kia Motors America
Kia Motors America (KMA) is the marketing and distribution arm of Kia Motors Corporation based in Seoul, South Korea. KMA proudly serves as the “Official Automotive Partner” of the NBA and LPGA and set an all-time annual sales record in 2015, surpassing the 600,000 unit mark for the first time in company history. KMA offers a complete line of vehicles, including the rear-drive K900 flagship sedan, Cadenza premium sedan, Sorento CUV, Soul urban passenger vehicle, Soul Electric Vehicle, Sportage compact CUV, Optima midsize sedan, Optima Hybrid, the Forte compact sedan, Forte5 and Forte Koup, Rio and Rio 5-door subcompacts and the Sedona midsize multi-purpose vehicle, through a network of more than 765 dealers across the United States. Kia’s U.S. manufacturing plant in West Point, Georgia, builds the Optima* and Sorento* and is responsible for the creation of more than 15,000 plant and supplier jobs.
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