While some weakening in the market over the Memorial Day weekend is seasonally normal, May saw more market softening in the latter half of the month.
The latest numbers more activity in the lanes at Manheim in the second half of the month and finished the last week of February with some of the strongest weekly gains in wholesale prices for many years.
For the full year, Cox Automotive estimates sales for used retail were down about 3%, curtailed by a constrained supply of newly used vehicles in the market.
Manheim expects constrained growth with a volume increase of less than 1% in 2024, indicating a return to a more normal market.
Analysts are expecting a measured movement through December and the year, which should reach the January forecast for a 4% year-over-year decline.
The recent Fleet Forward Conference presented updates to the fleet, used vehicle, and electric vehicle supply and demand.
The latest numbers add up to a gutpunch for the resale values of used electric vehicles as the early adopter market for EVs taps out and mainstream vehicle buyers remain cautious.
Wholesale used-vehicle prices decreased 2.3% in October from September and were down 4% from a year ago.
Almost all major market segments saw seasonally adjusted prices that were again lower year over year in the first half of October.
The overall used-vehicle inventory volume is still considered limited and has been stuck in the 2.2 million to 2.3 million range for the past four months.
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