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Strong spring sales thanks to tax refunds and stimulus checks depleted the supply.
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The Cox Automotive summary reports that March 2021 was one of the strongest months in history. The growth in sales led to further declines in supply and corresponding increases in prices.
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While prices bounce up during springtime, this year's qualify as a leap, an economist says.
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Wholesale used-vehicle prices increased 3.74% in the first 15 days of March compared to the previous month.
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The latest trends in the key indicators suggest used vehicle values are likely to continue to see appreciation in the days and weeks ahead.
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Cox Automotive has acquired Fyusion, a computer vision company that provides immersive vehicle imaging solutions for the automotive wholesale market and other industries.
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Wholesale used-vehicle prices decreased 0.59% month over month in December 2020, bringing the Manheim Used Vehicle Value Index to 161.1, a 14.2% gain from a year ago.
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Cox Automotive has acquired fleet mobile maintenance provider Dickinson Fleet Services to bolster the capabilities and geographic reach of its nationwide Pivet fleet services marketplace, and focus on powering a fleet future that is dependent on mobile maintenance and repair services.
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Wholesale used vehicle prices increased 0.07% month over month in November, bringing the Manheim Used Vehicle Value Index to 162 a 16.6% increase from a year ago.
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Wholesale used vehicle prices increased 0.9% in the first 15 days of October compared to the month of September, bringing the mid-month Manheim Used Vehicle Value Index to 162.7, a 16.0% increase from October 2019.
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