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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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Used vehicle sales continued their strong performance in the wholesale market in July, as an "abnormal bounce" that began in June continued to show strength with overall values increasing in July 1.51% from the prior month, according to Manheim.
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The first half of 2018 has been a strong year for used vehicle values, and growth in upstream remarketing is playing a helpful role.
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As an example of this analysis, Black Book data shows that the Toyota FJ Cruiser, whose last model-year was 2014, has actually gone up in value by 25.7% compared to other vehicles that were listed in its segment.
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Statistics covering vehicle remarketing in 2017. In this report, we cover a 20-year used vehicle value index, distribution of auction sales, retail lease penetration rate, wholesale used-vehicle price trends, and depreciation rates by segment.
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Economic growth and positive consumer sentiment helped drive June’s depreciation rates to the lowest levels seen in five years, according to Black Book.
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Off-lease fleet vehicles sold in the wholesale market at auction fell 1% in value in June from the prior month but increased 7% from a year ago, according to Tom Kontos, KAR Auction Services' chief economist.
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Wholesale vehicle prices for former fleet vehicles at auction increased 0.8% in May from April and have increased 6.8% from a year ago in a "seasonally strong" market, according to Tom Kontos, KAR Auction Services' chief economist.
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The initiative began in 2014, when the company first announced that its $400 million multiple-year project to transform its auction operations. In that time Manheim brought enhancements to both its physical and digital properties.
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Wholesale prices for used vehicles up to 8 years old fell 1.7% month-over-month in May, a level that’s typical for this time of year, according to J.D. Power’s June Used Car and Light Truck Guidelines. Auction volume up 12% month-over-month, 2.6% year-over-year.
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The Mercedes-Benz C-Class topped a list of the most recalled cars in recent model years, while the Hyundai Accent was the least-recalled vehicle during the same period, according to a report on ISeeCars.com.
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