Wholesale Used-Vehicle Prices Declined in October
Month-over-month wholesale used-vehicle prices are down, which isn’t atypical for October. But the Manheim Used Vehicle Value Index also fell to 202.8, a 3.2% year-over-year decline, according to the auction provider’s latest report.
Jeremy Robb, senior director of Economic and Industry Insights at Cox Automotive, noted that, while October is usually a down month for wholesale values, he thinks that market was hit especially hard this year with back-to-back hurricanes (Helene and Milton) striking the Southeast.
“Seasonally, October is the weakest month of the year for wholesale values; however, in recent weeks, we’ve observed lower depreciation trends in key segments against long-term run rates. Sales conversion continues to run higher than normal at this time of year, while days’ supply at Manheim is lower than normal, which likely keeps depreciation trends below average,” Robb wrote.
Cox analysts noted that the wholesale market struggled, retail used-vehicle sales enjoyed a great month, up 2% from September and 11% year-over-year.
