AVOCA, Pa., April 19, 2022 /PRNewswire/ -- The shortage of new vehicles has created high demand for used vehicles, especially late model, "nearly new" cars and trucks that most closely meet the needs of consumers unable to buy new. Certified pre-owned (CPO) vehicles are increasingly popular, as they provide buyers documentation that the vehicle has been thoroughly inspected and maintained or repaired to meet certification guidelines. With CPO sales projections projected to reach 2.8 million units in 2022, according to Cox Automotive, this segment of the market is facing supply issues as well.
"Sourcing potential CPO vehicles may be a challenge right now as the primary sources for these quality, low mileage vehicles are rental car companies and leases, both of which were negatively impacted by COVID," stated Dominic Limongelli, President and COO, ProGuard Warranty. "Every dealership is fighting for the same inventory, increasing procurement costs and …