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The Used Car Industry
With annual sales of nearly $370 billion, the used vehicle industry represents almost half of the U.S. auto retail market and is the largest retail segment of the economy.
In 2005, about 44 million used cars were sold in the U.S., which is more than double that of the nearly 17 million new cars sold. In 1898, the Empire State Motor Wagon Company is one of the very first used car companies. The used vehicle market is substantially larger than other large retail sectors, such as the school and office products market ($206 billion in estimated annual sales) and the home improvement market ($291 billion in Estimated annual sales).The \o Federal Trade Commission Federal Trade Commission recommends that consumers consider a car retailer’s reputation when deciding where to purchase a used car.
In the United States, an estimated 34% of consumers (in 2006) are buying a \o Vehicle history report Vehicle history report for used cars. Vehicle history reports are one way to check the track record of any used vehicle. The report may indicate minor/moderate collision damage or improper vehicle maintenance.
These reports will indicate items of public record, such as \o Vehicle title branding vehicle title branding, \o Lemon law lemon law buybacks, \o Odometer fraud odometer fraud, and \o Product recall product recall vehicle history reports provide customers with a record based on the vehicles serial number.
An attempt to identify vehicles which have been previously owned by hire car rental agencies, \o Emergency service police and emergency services or taxi fleets is also made. Consumers should research vehicles carefully, as these reporting services only report the information to which they have access. In some places the government is a provider of vehicle history, but this is usually a limited service providing information on just one aspect of the history. Two vehicle history reporting services used to offer the
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