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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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All major market segments saw seasonally adjusted prices that were higher year over year -- but declined -- in the first half of August.
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Higher prices and higher interest rates are slowing the seasonally adjusted annual rate of sales in the used market.
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Used vehicles are tracking at a fairly normal pace for supply. Sales have slowed compared to the strong pace in the summer of 2021, but are still relatively healthy.
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The used market this year is feeling the effects of high-inflation and elevated used-vehicle prices. Sales continue to be soft, but the market is not under stress
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Used vehicle consignor CarLotz will enable Shift to pursue a new business plan focused on allowing consumers to buy vehicles online, sight unseen, for pickup or delivery.
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The average price for a new electric vehicle – over $66,000, according to Kelley Blue Book estimates – remains well above the industry average and more aligned with luxury prices versus mainstream prices.
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Sales into commercial fleets were up 19% year over year, and sales into government fleets were up 31%, but rental were down 7%.
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All major market segments once again saw seasonally adjusted prices that were higher year over year in July.
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The 7th and largest class group is well on its way to earning the “executive MBA” equivalent of an auction industry education.
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The sales team at the regional auto auction raised $13,500 for a charity that supports families who have children facing life-threatening medical conditions.
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