Wholesale used vehicle prices (on a mix-, mileage- and seasonally adjusted basis) declined in February after a four-month increase. This put the February Manheim Used Vehicle Index to a level of 125.1, an increase of 1.5% from a year ago.
Manheim Used Vehicle Changes for Selective Market Classes (February 2015 vs. February 2014)
Chart courtesy of Manheim.
The number of vehicles entering wholesale markets grew significantly in February while retail demand leveled off (except for the CPO segment), according to Manheim. But wholesale prices remained above trend due to factors such as manufacturer pricing discipline on the new vehicle side and good inventory management by dealers on the used vehicle side.
In February, mix-adjusted auction prices for rental risk units improved slightly from January but were down relative to last year’s high levels, says Manheim. However, rental risk volumes and mileage were high — mileage rose to more than 48,500 miles.
In terms of wholesale pricing, compact cars have been the weakest segment in recent months and over the past year. On the other hand, cargo vans pricing continued to be strong in February, according to Manheim.
ADESA’s Monthly Used Vehicle Prices Analysis
ADESA also saw a decline in whole used vehicle prices month-over-month — but also an increase year-over-year, according to the latest Kontos Kommentary from ADESA Chief Economist Tom Kontos.
According to ADESA Analytical Services’ monthly analysis, February wholesale used vehicle prices averaged $10,176 — down 0.3% compared to January but up 3.4% relative to February 2014. Similar to January, a lot of the positive year-over-year price variance is driven by higher off-rental program/factory vehicle sales, says ADESA.
Prices for used vehicles remarked by manufacturers saw an increase of 4.4% month-over-month but a decrease year-over-year at 8.8%, according to ADESA. Prices for fleet/lease consignors were down 1.0% sequentially but up 0.7% annually, and prices for dealer consignors were down 1% versus January but up 3.5% compared to February 2014.
Wholesale Used Vehicle Price Trends
| Wholesale Used Vehicle Price Trends | |||||
|---|---|---|---|---|---|
| Average Prices ($/Unit) | Latest Month Versus: | ||||
| Feb-15 | Jan-15 | Feb-14 | Prior Month | Prior Year | |
| Total All Vehicles | $10,176 | $10,204 | $9,839 | -0.3% | 3.4% |
| Total Cars | $9,061 | $9,119 | $8,776 | -0.6% | 3.3% |
| Compact Car | $7,470 | $7,392 | $7,130 | 1.1% | 4.8% |
| Midsize Car | $8,082 | $7,977 | $8,140 | 1.3% | -0.7% |
| Fullsize Car | $7,838 | $8,529 | $6,889 | -8.1% | 13.8% |
| Luxury Car | $12,389 | $12,576 | $11,999 | -1.5% | 3.2% |
| Sporty Car | $13,113 | $13,023 | $12,002 | 0.7% | 9.3% |
| Total Trucks | $11,044 | $11,005 | $10,239 | 0.3% | 7.9% |
| Mini Van | $7,922 | $7,648 | $7,609 | 3.6% | 4.1% |
| Fullsize Van | $12,145 | $11,316 | $10,907 | 7.3% | 11.3% |
| Mini SUV | $12,974 | $12,988 | $11,988 | -0.1% | 8.2% |
| Midsize SUV | $7,818 | $8,229 | $7,324 | -5.0% | 6.8% |
| Fullsize SUV | $11,202 | $10,876 | $10,652 | 3.0% | 5.2% |
| Luxury SUV | $17,978 | $18,278 | $18,210 | -1.6% | -1.3% |
| Compact Pickup | $7,685 | $7,550 | $7,260 | 1.8% | 5.9% |
| Fullsize Pickup | $13,805 | $13,534 | $12,460 | 2.0% | 10.8% |
| Total Crossovers | $12,262 | $12,212 | $12,615 | 0.4% | -2.8% |
| Compact CUV | $10,833 | $10,944 | $11,480 | -1.0% | -5.6% |
| Mid/Fullsize CUV | $13,257 | $13,134 | $13,791 | 0.9% | -3.9% |
This Kontos Kommentary analysis is based on nearly six million annual sales transactions from more than 150 of the largest U.S. wholesale auto auctions, including those of ADESA as well as other auction companies. ADESA Analytical Services segregates these transactions to study trends by vehicle model class.
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