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Wholesale used vehicles had their best weekly performance in two months, according to Black Book’s Sept. 11 Market Insights report.
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Five ADESA auctions remained closed Monday as Hurricane Irma moved through Georgia and Alabama, and two ADESA auctions in those states curtailed hours and staff, the KAR Auction Services unit announced.
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Wholesale used vehicle prices — on a mix-, mileage-, and seasonally adjusted basis — increased 0.75% month-over-month in August, bringing the Manheim Used Vehicle Value Index to a record high of 131.3.
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Car and truck segments saw lower overall depreciation rates last week, according to Black Book's Sept. 4 Market Insights report.
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The car segment saw a week-over-week rise in depreciation while the truck segment saw a lower depreciation rate last week, according to Black Book’s Aug. 28 Market Insights report.
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Manheim has updated its vehicle valuation tool, the Manheim Market Report (MMR), to provide more detailed valuations of used vehicles to increase transparency and improve the remarketing process, the company announced.
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J.D. Power will begin offering its monthly Used Vehicle Price Index that tracks current and estimated future movement of wholesale used vehicle prices at the industry and segment level, the consultant and data provider announced.
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Jay Cadigan will retire from Manheim, capping a 40-year career in the remarketing industry that included stints at auctions, as well as leasing companies and rental car operators.
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The streak continued in July, with the Manheim Used Vehicle Value Index recording its third consecutive record in July. Driven by the 0.75% month-over-month increase in wholesale used-vehicle prices, the index rose 2.6% from a year ago to 130.1, according to the firm.
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Average wholesale prices in June were down vs. June but up vs. a year ago. A drill down into the data, however, reveals price softening on a year-over-year basis when accounting for sales type, vehicle age, model class, and mileage, KAR Chief Economist Tom Kontos said today.
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