Average wholesale values fell again in July, but they remain up on a year-over-year basis largely because of the continued price strength of trucks and continued growth of younger, lower-mileage, higher-priced off-lease supply. Recalls also played a role in the overall positive price performance, according to the latest Kontos Kommentary from ADESA Chief Economist Tom Kontos.

According to ADESA Analytical Services’ monthly analysis of Wholesale Used Vehicle Prices by Vehicle Model Class, wholesale used vehicle prices in July averaged $10,362 — down 2% compared to June but up 4.9% relative to July 2015. The year-over-year rise was again due to the strength of truck prices, whereas car prices fell on an annual basis. Most segments experienced seasonal month-over-month declines.

Average wholesale prices for used vehicles remarketed by manufacturers were up 0.6% month-over-month and up 10.2% year-over-year, as manufacturers sold almost 20% fewer units this year than they did last July, according to ADESA. Recalls are playing a major role in this reduction, as vehicles are “stop-sale’d” awaiting parts and/or OK’s from manufacturers for sale.

Prices for fleet/lease consignors were down 2.5% sequentially but up 3.1% annually, as these consignors are selling more lower-mileage off-lease units than last year. Dealer consignors registered a 1.1% decrease versus June but a 5.3% increase relative to July 2015.

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.