Yahoo Finance 15 Best Used Car Websites in USA
In this article, we will look at the 15 best used car websites in USA. If you want to skip our detailed analysis, you can go directly to the 5 Best Used Car Websites in USA.
An Overview of Car Ownership in the US
Car ownership is on the rise in the United States. According to the US Census Bureau 5-Year American Community Survey, approximately 91.7% of US households owned at least one car in 2022, whereas 21.1% owned three or more vehicles. Moreover, according to the US Department of Transportation Federal Highway Administration survey, vehicle registration for commercial and personal vehicles increased by 3.5% between 2018 and 2022, with approximately 279 million vehicles registered in 2022. Regarding vehicle types, trucks were found to be the most in-demand car, with more than 170 million truck registrations in 2022. In addition, the Ford F 150 by Ford Motor Company (NYSE:F) stood as the best-selling car nationwide, with sales of approximately 1.037 million units in 2023.
Looking at state-wise vehicle registration figures, Montana topped the list with approximately 2,618.25 vehicle registrations per 1,000 licensed drivers, followed by Wyoming and South Dakota, which had 2,057.22 and 1,959.62 vehicle registrations. In contrast, Delaware and the District of Columbia had the fewest vehicles, with 541.45 and 677.69 vehicle registrations per 1,000 licensed drivers during the same year. Moreover, According to a report by the National Automobile Dealers Association, total sales of used vehicles at new vehicle dealerships decreased from 12.9 million in 2022 to 12.7 million in 2023. On the bright side, the average retail price for used cars decreased as well and was recorded to be $29,308 in 2023 compared to $30,736 during the previous year.
The all-electric trend is on the rise and can be gauged by the increase in sales of battery-electric vehicles. According to a news report published by the National Automotive Dealers Association on December 31, 2023, the sales of BEV vehicles were recorded to be 1.1 million units for the first time and accounted for approximately 7.2% of the new light vehicles sold in 2023. In addition, hybrid and plug-in hybrids sales also increased in 2023.
The Used Car Market of the US: An Analysis
According to a report by Mordor Intelligence, the used cars market in the US was valued at $195.84 billion in 2021. The market is forecasted to grow at a compound annual growth rate of 7.51%, reaching $302.47 billion by 2027. Technological advancements, including the use of online and e-commerce platforms to buy and sell used cars, are driving market growth.
Incorporating artificial intelligence technologies in online used car platforms is an upcoming trend expected to boost sales. According to a report by Gitnux, digital platforms, including Vroom, Inc. (NASDAQ:VRM) and Carvana Co. (NYSE:CVNA), witnessed a 43% increase in their sales in 2020 through AI incorporation. Moreover, 93% of car dealerships are expected to incorporate AI in their online businesses within the next 3 years.
Top Digital Platforms for Used Cars in the US
CarMax, Inc. (NYSE:KMX), Carvana Co. (NYSE:CVNA), and CarGurus, Inc. (NASDAQ:CARG) are some of the leading digital platforms renowned for buying and selling used cars online in the United States. Carfax is another of the best used car platforms in the US. If you want to read more about Carfax and its Vehicle History reports, take a look at 10 Best Carfax Alternatives To Check Vehicle History.
CarMax, Inc. (NYSE:KMX) is an American retailer of used cars and related accessories. The company operates through its subsidiaries and performs in two major market segments: sales operations and auto finance. The sales operation segment offers buyers a range of makes and models of used cars, including domestic, luxury, and imported vehicles. On the other hand, CarMax, Inc.'s (NYSE:KMX) auto finance provides customers with credit financing options to buy cars. On April 11, CarMax, Inc. (NYSE:KMX) reported earnings for the fiscal fourth quarter of 2024. The company reported earnings per share of $0.32 and generated a revenue of $5.63 billion for the quarter. Moreover, the total retail sales of used cars by the company increased by 1.3% to 172,057 units during the quarter as compared to the previous year. Here are some comments from CarMax, Inc. (NYSE:KMX) earnings call Q4 2024:
"Our market share data indicates that our nationwide share of zero to 10-year-old used vehicles declined from 4% in calendar '22 to 3.7% in 2023 as we prioritized profitability over near-term market share growth. As always, we continue to test price elasticity to validate our decisions. External title data shows that our market share initially accelerated relative to our performance across the second-half of 2022, but then came under pressure during multiple periods of steep depreciation. We remain confident in our ability to accelerate market share growth as used vehicle affordability continues to improve and as the volatility of vehicle value stabilizes. Fourth quarter retail gross profit per used unit was $2,251, relatively consistent with last year's fourth quarter record of $2,277."
Carvana Co. (NYSE:CVNA) is a leading e-commerce platform used to buy and sell cars in the United States. The platform is especially renowned for its 360 virtual imaging technology that allows customers to view their potential car inside out from all angles. On March 14, Carvana Co. (NYSE:CVNA) announced joining the eStart coalition as a founding member. The eStart coalition is an initiative to advocate the adoption of modern digital solutions introduced by the state and local DMV operators. The coalition is said to focus on three main areas, including permitting electronic signatures on title and registration of documents, promoting digital tools for electronic title registration and processing, and enabling electronic vehicle record transfers.
CarGurus, Inc. (NASDAQ:CARG) operates as a digital automotive platform that allows customers to buy and sell vehicles in the US and internationally. The company also offers paid subscriptions for dealers to enhance their customer base and access a global market of buyers. On January 29, CarGurus, Inc. (NASDAQ:CARG) announced its partnership with Chase, JPMorgan Chase & Co.'s (NYSE:JPM) consumer and commercial banking business, to enhance consumer financing options. CarGurus, Inc. (NASDAQ:CARG) already has Capital One, Global Lending Services, and Westlake Financial as its lending partners.
Now that we have talked about the car ownership situation in the US, the used cars market, and some of the leading automotive platforms, let’s look at the 15 best used car websites in USA.
An auto warehouse filled with newly acquired used cars.
Our Methodology
To compile the list of 15 best used car websites in USA, we sifted through more than 10 sources on the internet. We only selected those websites that appeared in at least 50% of our sources. We then ranked these websites based on the total number of visits in the past 28 days from Similarweb. The list of 15 best used car websites in USA is ranked in ascending order of the total site visits, recorded on April 26, 2024.
15 Best Used Car Websites in USA
15. Car Bravo
Total Site Visits as of April 26, 2024: 684,700
Car Bravo by General Motors Company (NYSE:GM). The platform was introduced on January 11, 2022 by General Motors Company (NYSE: GM) and ranks 15th on our list of best used car websites in USA. The website allows users to buy used cars, locate dealers around them, sell cars, and balance their budgets with its price estimate analysis tool.
14. CarsDirect.com
Total Site Visits as of April 26, 2024: 1,700,000
CarsDirect is a division of Internet Brands Inc. (NASDAQ:INET) and ranks as the 14th best used car website in USA. CarsDirect by Internet Brands Inc. (NASDAQ:INET) is an American digital automotive platform that allows users to research, buy, sell, insure, and finance vehicles online. The company is based in California.
13. AutoNation, Inc. (NYSE:AN)
Total Site Visits as of April 26, 2024: 2,500,000
AutoNation, Inc. (NYSE:AN) is an American automotive company that operates a website called AutoNation. The platform ranks as the 13th best used car website in USA. AutoNation, Inc. (NYSE:AN) sells domestic, imported, and premium new and used vehicles. In addition, the company also involves itself in car maintenance, wholesale of spare parts, and collision services. AutoNation, Inc. (NYSE:AN) was visited by over 2.5 million people during the past 28 days.
12. AutoTempest
Total Site Visits as of April 26, 2024: 3,100,000
AutoTempest ranks 12th on our list of 15 best used car websites in USA. The platform aggregates lists from dealers and private sellers to give customers various budget options while selecting a used car.
11. Autolist
Total Site Visits as of April 26, 2024: 3,400,000
Autolist was acquired by CarGurus, Inc. (NASDAQ:CARG) in 2020. The website allows its customers to buy and sell used vehicles. It provides comprehensive lists segregated based on vehicle type, budget, and performance. The website also offers research and reports related to the automotive industry.
10. Hemmings
Total Site Visits as of April 26, 2024: 3,500,000
Hemmings ranks 10th on our list of best used car websites in USA. It is an online automotive marketplace that buys and sells used vehicles. The platform is renowned for its exotic and classic vehicle auctions and automobile magazines.
9. Cars & Bids
Total Site Visits as of April 26, 2024: 6,700,000
Cars & Bids is another best used cars website in USA. The website is known for its daily actions on premium vehicles, including BMW, Mercedes-Benz, Porsche, and more. The platform ranks 9th on our list, with 6.7 million visits during the past 28 days.
8. TrueCar, Inc. (NASDAQ:TRUE)
Total Site Visits as of April 26, 2024: 11,500,000
TrueCar, Inc. (NASDAQ:TRUE) operates a data-driven online automobile platform. TrueCar, Inc. (NASDAQ:TRUE) offers new, used, and certified pre-owned vehicle listings. The company also provides insurance and car loan services. TrueCar, Inc. (NASDAQ:TRUE) ranks as the 8th best used car website in the USA.
7. Carvana Co. (NYSE:CVNA)
Total Site Visits as of April 26, 2024: 18,900,000
Carvana Co. (NYSE:CVNA) ranks 7th on our list of best used car websites in USA. The platform is known for its 360-degree virtual car experience technology, which allows users to view cars from all angles before making buying decisions.
6. Edmunds
Total Site Visits as of April 26, 2024: 22,400,000
Edmunds is another online American car retailer that sells used and new cars. The platform offers expert opinions on various car models and reviews based on testing at the company's private facilities.
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Disclosure: None. 15 Best Used Car Websites in USA is originally published on Insider Monkey.
