Wholesale used vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) increased for the third consecutive month in June, resulting in a Manheim Index reading of 126.2.
After rising every month in the second quarter, wholesale prices are now at their highest level in more than four years — only 1.3% from the record high reached in May 2011, according to Manheim.
A straight average of auction prices for rental risk units sold in June jumped nearly 18% from a year ago, according to Manheim.
Last June, the average mileage on rental risk units was a record-high 51,200 miles. This year, it fell to 38,500 miles — the lowest since December 2013, says Manheim. June’s mix of crossovers and vans was significantly higher, while the share of rental risk unit sales accounted for by mid-size cars was down. Rental units being sold at auction this June were also in better condition.
Rental risk auction prices — adjusted for broad changes in mix and mileage (but not condition) — were flat in June relative to a year ago. Prices were up 2.2% from May on significantly lower volume, according to Manheim.
All of the strength in wholesale pricing remains concentrated in pickups, vans, and certain sports cars — the same segments that are enjoying the strongest increases in average new vehicle transaction price. Wholesale pricing for all other market classes is flat to down.