Wholesale used-vehicle prices increased 3.74% in the first 15 days of March compared to the month of February bringing the mid-month Manheim Used Vehicle Value Index to 175.5, a 23.7% gain from a year ago, according to Cox Automotive.
Manheim Market Report (MMR) prices have accelerated through February and into the first two weeks of March, according to the report. The three-year-old MMR Index experienced a 3% cumulative increase over the last two weeks.
Over the first 15 days of March, MMR Retention - the average difference in price relative to current MMR - averaged 102.6%. The sales conversion rate has also continued to increase in March. Sales efficiency in the week prior was more than 12 percentage points higher than the average sales efficiency over March 2019.
On a year-over-year basis, all major market segments saw seasonally adjusted price increases in the first 15 days of March. Pickup trucks outperformed the overall market, while most other major segments underperformed the overall market.
Using a rolling seven-day estimate of used retail days’ supply, used retail supply is at normal levels, at 34 days, based on vAuto data. Wholesale supply is down at 19 days for the most recent seven-day period, when normal supply is 23.
The average price for rental risk units sold at auction in the first 15 days of March was up 1% year-over-year. Average mileage for rental risk units in the first half of March (at 64,300 miles) was up 40% compared to a year ago and up 22% month-over-month.