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While some weakening in the market over the Memorial Day weekend is seasonally normal, May saw more market softening in the latter half of the month.
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The average daily sales conversion rate increased to 62.5%, showing that demand improved relative to February.
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The latest numbers more activity in the lanes at Manheim in the second half of the month and finished the last week of February with some of the strongest weekly gains in wholesale prices for many years.
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Meanwhile, used vehicle retail sales pick up in January thanks in part to vehicle prices being down 4% year-over-year, boosting affordability.
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In a first-ever metric compiled by Cox Automotive, seasonally adjusted electric vehicle values ended 2023 down 17%, while non-EVs were down 7.1% for the year.
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All major vehicle segments saw price declines compared to last month, with most categories exceeding the average industry decline.
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Analysts are expecting a measured movement through December and the year, which should reach the January forecast for a 4% year-over-year decline.
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Over the last two weeks, Manheim Market Report (MMR) prices declined an aggregate of 1.9%, which was more than the normal decline of 1% for the time of year.
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October’s price decline is eerily similar to last October’s 2.2% drop, and this was not unexpected as the market remains balanced.
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During the last two weeks, Manheim Market Report (MMR) prices declined an aggregate of 0.3%, which was less than half of the normal decline for this time of year.
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