Wholesale prices for used vehicles from fleet lease consignors fell 2.3% in November from October, but were 0.8% up from a year ago, according to Tom Kontos, the chief economist for KAR Auction Services.
November values fell lower mostly as a result of the end of the price boost driven by hurricanes in Texas and Florida that hit in the late summer and damaged or ruined as many as 900,000 vehicles.
Fleet lease vehicle prices were weaker than the broader market. Overall used vehicle prices in November averaged $10,797, which was down 1.6% compared to October and up 1.2% compared to a year ago.
Taking a closer look at fleet lease consignment, mid-size SUVs performed much better than mid-size cars when looking at three-year-old units with between 36,000 and 45,000 miles. The utilities increased 2.4% in value to $17,779, while the mid-size cars fell 2.1% to $10,710.
While fleet lease consignment prices were lower, vehicles remarketed by manufacturers showed relative strength. Those vehicles were up 0.9% month-over-month and up 7.3% year-over-year. Average prices for dealer consignors were down 4.2% versus October and up 3.7% relative to November of 2016.