Wholesale used vehicle prices (on a mix-, mileage- and seasonally adjusted basis) slipped slightly in January. That brought the Manheim Used Vehicle Value Index to 124.8, a decline of 0.3% from a year ago.
The theme that played throughout 2016 continued into the start of 2017 as wholesale pricing remained stable despite sharply rising supplies, says Manheim.
In January, rental risk prices (adjusted for broad shifts in mix and mileage) were flat relative to December and remained down 4% year-over-year, according to Manheim. In January, small and midsize crossovers accounted for 26.4% of all rental risk units sold at auction, up from 21.5% a year ago.
Meanwhile, small and midsize cars accounted for 45.9% of rental risk auction sales this year versus 51.7% last year, according to Manheim.
New vehicle sales into rental declined by approximately 7% in January relative to last year’s heavily front-loaded purchasing pattern. Strong auction volumes in January thus suggest that rental fleet sizes were reduced, according to Manheim.
On a year-over-year basis, 2017 started the same as all of 2016 — trucks and crossovers up, cars down. In January alone, however, compact cars eked out a small gain, says Manheim.