Used Fleet Vehicle Prices Fell 2% in October
The average price for used fleet vehicles fell 2% at auction in October, but remained 6.1% higher than a year ago amid a strong month for wholesale prices, according to Tom Kontos, KAR Auction Services' chief economist.
The average price of fleet vehicles sold at auction in October fell 2%.
Photo courtesy of JJ Kane.
The average price for used fleet vehicles fell 2% at auction in October, but remained 6.1% higher than a year ago amid a strong month for wholesale prices, according to Tom Kontos, KAR Auction Services' chief economist.
Overall, wholesale values increased 0.7% to $11,059 and were 0.8% above year-ago levels.
"When holding constant for sale type, model-year age, mileage, and model class segment, prices were up more significantly on a year-over-year basis for both midsize cars and midsize SUV/CUVs," Kontos wrote in his monthly commentary.
Vehicles in fleet-oriented segments such as midsize cars and midsize SUVs increased. Midsize cars increased 4.4% to $11,786, while midsize SUVs increased 6.2% to $19,769.
Meanwhile, average wholesale prices for used vehicles remarketed by manufacturers increased 1% month-over-month and were up 1.1% year-over-year. Average prices for dealer consignors were down 2.4% versus September and down 2.3% relative to October 2017, Kontos wrote.
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