Wholesale prices for used vehicles from fleet lease consignors fell 2.3% in November from October, but were 0.8% up from a year ago, according to Tom Kontos, the chief economist for KAR Auction Services.
by Staff
December 20, 2017
Kontos
1 min to read
Kontos
Wholesale prices for used vehicles from fleet lease consignors fell 2.3% in November from October, but were 0.8% up from a year ago, according to Tom Kontos, the chief economist for KAR Auction Services.
November values fell lower mostly as a result of the end of the price boost driven by hurricanes in Texas and Florida that hit in the late summer and damaged or ruined as many as 900,000 vehicles.
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Fleet lease vehicle prices were weaker than the broader market. Overall used vehicle prices in November averaged $10,797, which was down 1.6% compared to October and up 1.2% compared to a year ago.
Taking a closer look at fleet lease consignment, mid-size SUVs performed much better than mid-size cars when looking at three-year-old units with between 36,000 and 45,000 miles. The utilities increased 2.4% in value to $17,779, while the mid-size cars fell 2.1% to $10,710.
While fleet lease consignment prices were lower, vehicles remarketed by manufacturers showed relative strength. Those vehicles were up 0.9% month-over-month and up 7.3% year-over-year. Average prices for dealer consignors were down 4.2% versus October and up 3.7% relative to November of 2016.
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