Wholesale used vehicle prices (on a mix-, mileage-, and seasonally adjusted basis) increased 3.4% comparing the first 15 days of August to the full month of July, continuing record setting-performance for wholesale prices, according to data published by Manheim.
This brought the mid-month Manheim Used Vehicle Value Index to 163.4, a 15.6% increase from August 2019. The year-over-year increase for July 2020 was 11% durings its first 15 days.
Manheim Market Report (MMR) prices improved over the last two weeks, resulting in a 1.4% cumulative increase in the first two weeks of August on the three-year-old Index. Over the first 15 days of August, MMR Retention, which is the average difference in price relative to current MMR, was at or above 99.8% every day and averaged 101%.
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Meanwhile, price appreciation has been slowing in recent weeks.
On a year-over-year basis, all major market segments saw seasonally adjusted price increases in the first 15 days of August. Luxury cars and pickup trucks outperformed the overall market, while most other major segments underperformed the overall market.
As used retail sales continue to recover, both retail and wholesale supply have come down. Using a rolling seven-day estimate of used retail days’ supply based on vAuto data, used retail supply peaked at 115 days on April 8. Normal used retail supply is about 44 days’ supply.
The average price for rental risk units sold at auction in the first 15 days of August was up 9% year-over-year. Rental risk prices were up 2% compared to July.