Average wholesale values fell again on a month-over-month basis in June, but they remain up on a year-over-year basis largely because of the continued price strength of trucks, according to the latest Kontos Kommentary from ADESA Chief Economist Tom Kontos.

A portion of the month-over-month price decline can be explained by the usual falloff in prices from May to June, typifying the transition from the strong spring/tax season to the less robust summer months, according to Kontos. However, incentive activity, which has been relatively benign, may be on the rise, as manufacturers look to boost waning new vehicle sales.

According to ADESA Analytical Services’ monthly analysis of Wholesale Used Vehicle Prices by Vehicle Model Class, wholesale used vehicle prices in June averaged $10,556 — down 1.5% compared to May but up 3.3% relative to June 2015. Car model classes again took the bigger month-over-month hit and were down on a year-over-year basis while trucks were up.

Average wholesale prices for used vehicles remarketed by manufacturers were up 5.7% month-over-month and up 2% year-over-year, according to ADESA. Prices for fleet/lease consignors were down 1.1% sequentially but up 0.7% annually. Dealer consignors registered a 1.1% decrease versus May but a 3.6% increase relative to June 2015.

Data from NADA showed a 5.3% year-over-year increase in retail used vehicle sales by franchised dealers and a 9.1% increase for independent dealers in June, while both were up significantly month over month.

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.