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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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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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Wholesale used-vehicle prices decreased 2.3% in October from September and were down 4% from a year ago.
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Applying deep data science to vehicle inventory management can spur more accurate pricing models in real-time.
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The fourth quarter should bring stable pricing among buyers and sellers, which should reflect only modest changes between now and the end of the year.
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All major market vehicle segments saw price declines year over year and all were down compared to the previous months, except for one.
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The unified platform creates one of Canada’s largest digital wholesale marketplaces for used vehicles, providing buyers and sellers with easier transactions.
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Finding the right product at the right price is more challenging for used vehicle buyers today, amid higher interest rates and recession fears.
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Conditions have shifted to favoring buyers; but with tight supply, the market is close to a balance between buyers and sellers.
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CAR 2023: A closing keynote presentation draws on data and information from J.D. Power on EV adoption hurdles in the years ahead.
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