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Used Vehicle Prices Climb Higher As Sales Pace Slows
The higher prices at used retail reflect strong wholesale values earlier in the spring, particularly for older, more affordable vehicles.
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SEARCHMENUSEARCHThe higher prices at used retail reflect strong wholesale values earlier in the spring, particularly for older, more affordable vehicles.
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While wholesale used-vehicle prices declined by 0.5% in March, the Manheim Used Vehicle Value Index — a measure of wholesale prices adjusted for mix, mileage and season — came to a reading of 124.1. This is an increase of 1.3% from a year ago.
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Used cars outperformed trucks in March, as full-size pickups, compact vans, compact cars, and sporty cars increased in value, while as overall used vehicles depreciated 0.6%, according to Black Book.
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The 2017 Conference of Automotive Remarketing (CAR) was held March 1 to 2 at the Paris Las Vegas hotel, and was host to nearly 700 remarketers and consignors.
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Tom Webb will retire as Cox Automotive's chief economist after a more-than-four-decade career, where he became a leading voice about the economic health of the automotive industry.
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February provided "further concrete evidence of softening" of used vehicle prices during a month that usually shows improvement from January, ADESA's Tom Kontos wrote in his monthly Kontos Kommentary.
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The Auction Academy is expanding its training to include commercial and government fleet managers, commercial account representatives, and dealers for the first time in its five years of existence, the continuing education organization has announced.
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Black Book will begin offering the monthly Used Vehicle Retention Index to measure the strength of used wholesale market values, the company has announced.
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The Mitsubishi Mirage topped a list of the most affordable cars for retail leasing under a methodology that relies heavily on depreciation as a driver of total leasing costs.
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Two- to six-year old vehicles depreciated 0.8% in February, with trucks and vans showing relative strength, while luxury and sporty cars again fell hardest, especially when compared to year-ago values, according to Black Book.
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CAR was highlighted by discussions addressing trends that will affect the future of the remarketing industry. The conference was held March 1 to 2 at the Paris hotel in Las Vegas and was held in partnership with the International Automotive Remarketers Alliance (IARA) and the National Auto Auction Association (NAAA). Photos by Steve Reed and Andy Lundin.
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