Fleet lease consignor prices moved higher in August, increasing 1.4% over July and 2.3% through the first eight months of the year compared with 2016, according to the Sept. 20 Kontos Kommentary.
by Staff
September 20, 2017
Screenshot of Tom Kontos via KAR Auction Services.
1 min to read
Screenshot of Tom Kontos via KAR Auction Services.
Fleet lease consignor prices moved higher in August, increasing 1.4% over July and 2.3% through the first eight months of the year compared with 2016, according to the Sept. 20 Kontos Kommentary.
Average wholesale values were bolstered by a strong used truck market and the possible impact of Hurricane Harvey, which appeared to drive up prices at the end of the month, especially in Texas, according to Tom Kontos, executive vice president and chief economist of ADESA Analytical Services.
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Overall wholesale prices increased 0.6% to $10,947 in August compared to July, and are 1.9% higher compared to August of 2016. Luxury cars saw significant average price increases on both a monthly and annual basis," Kontos said.
"Price softening was less evident than in previous months when holding constant for sale type, model-year age, mileage, and model class segment," said Kontos. "In fact, midsize car prices were up on a year-basis."
Midsize cars increased 1% to $11,667 year over year, while midsize SUVs fell 0.7% to $19,723.
Average wholesale prices for used vehicles remarketed by manufacturers were up 4.6% month-over-month and up 6.5% year-over-year. Average prices for dealer consignors were down 1.2% versus July and up 3.0% relative to August of 2016.
The Iranian conflict and rising gas prices inject much uncertainty into the future wholesale used vehicle markets, as higher gas prices soak up spendable income from vehicle buyers.
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